Last week, GBPAUD and GBPNZD were identified as potential buys and buyers did not disappoint
This week, GBPCAD could be the chart to concentrate on as price has broken the previous daily high and downtrend
Look for intraday buy setups should price stay above 1.6230
Following a close below a decent level of support from the daily downwards we can expect some continuation lower. RSI strength in the move aswell and put in this wedge type pattern which we can expect to break to the downside and can ride any pullbacks we get unless you play the break.
As you can see price has bounced of strong support ( red box ) and is on its way up to our next area of strong resistance ( green box )
This should be a short trade for you and could make you around 60-80 pips, but get o quick as price is making its way up now.
I would say that if you are trading this pairing I would put a tight SL on as we have some high impact...
Almost similar to GBPJPY, this pair has recently created a new low then a nice pullback and came back with an bearish engulfing candle which suggest that it is on course to make a double bottom. I've marked the tp and sl for you.
Let me know your thoughts.
Trade safe and good luck.
You can see our support and resistance zone ( red box ) that is marked out with arrows to show where this zone has been respected as support ( orange ) and resistance ( purple ) Now price is currently hanging around this zone like a drunk idiot who doesn't want to leave the bar at closing time because he has spent all night trying to hit on the bar maid who is 20...
GBP/CAD -- heavy manipulation to the upside, wiping out many traders at 1.76400 and 1.77380!
Patience and timing were key to avoid heavy losses.
Our team were in at 1.75837 but with stops carefully placed at key levels which kept our position in the market while other traders faced heavy losses.
Target 1 +160 points.
Target 2 +320 points.
Target 3 +480...
Key levels that price has been respecting over and over again, trendline has been respected and touched 3+ times so price could come down to retest this again, At the moment price is caught in between 2 key support and resistance levels so we will be waiting to see if price goes bullish or bearish.
Our overall outlook is bullish, so this could come after a retest...
Gbpcad clean and simple short, we might see a stop hunt to the highs first before the midweek reversal comes in. patience is key for this pair as we saw a lot of fake confirmations on the 4hr chart.
This is drawn on a weekly chart.