GBPCAD has been rangey since 2019. Started trending down in April 2021, and it seems on the way to the bottom of the range.
I'm not in love with the price action.
Heres my analysis on GBPCAD before the week gets started.
enjoy a free signal.
trade at your own risk.
BUY
Symbol: GBPCAD
Entry: 1.727 (market)
Best Entry: 1.723 (Buy limit)
Stop Loss: 1.717 (-100 to -60 pips from B.E.)
Take Profit: 1.7445 (+175 to +215 pips from B.E.)
Take Profit 2: 1.763 (+360 to +400 pips from B.E.)
Price of GBP/CAD approaching bottom of upside channel. We should soon see an impulse to the upside back to the 200 MA, 1.7205.
Non Commercials are sill positioned long on GBP. As for CAD, situation is slightly neutral. Price correction to the upside of USD/CAD pair has already started, which means further confluence for the analysis.
Short term we want to see...
We see the formation of and are predicting the completion of a Gartely pattern @ 1.62100 as seen on the weekly chart. In the case the price action breaks below 1.62100 it will fall to 1.6000 to complete the Gartley. Therefore our strategy is the hedge the position if we see a bearish candle close below 1.62100 on the 4 hr chart then we will hedge position to 1.6000.
At the bottom of the long-term channel it will complete a Bullish Bat Pattern that can push the price to higher. remember the trend is down so we need a strong trigger to go long
