Analysis in the chart...simple enough. Buy a break above that last high. Cheers!
After reaching the top at 1.95 GBPCAD is now in selling mood. The red area plays as a support/resistance. Either we see a pullback from that point or a sell off. I think we should see a test of the descending long tern trend line. That's why i short it.
Potential leg up in this pair. DXY is facing a very strong resistance, I expect usdjpy to fall, as well as eurusd and eurgbp to go up. I woudn't attempt to long eurusd or euraud or eurcad now though, it's safer to trade it against the pound. Time and price target reached suggests potential reversal or pullback. Good luck! Ivan.
This trade based on price action. It is also based on my previous trade idea I am still of the opinion that GBPNZD is at major support area now (two upward trend lines). One another trend line (red) is supports my point of view. From this area that pair can go higher.
GBPJPY got rejected at its 61.8% Fib of the 189.71-17549 decline and is looking primed to extend its declines towards the 170.82/168.02 target zone. All that stands in the way of the bears is the 175.49 February low. A confident break of this level will increase the probabilities towards it target zone. Intraday 176.79 is resistance. Bears have the upper hand as...
FURTHER DOWNSIDE EXPECTED WITH THE NEXT TARGET AT 1.4500, THEN 1.4390 AND THE FINAL LONG TERM TARGET OF 1.4280. NEW LOWS BEING FORMED WITH THE TARGET FALLING IN CONFLUENCE WITH HISTORIC DATA AND FIB EXTENSIONS.
We have a classic break of consolidation to the downside. Support then becomes resistance which now being tested, We will target 1.44 with a SL 1.4700.
Today we will trade on GBPUSD , we think we have couples of support zone here thats why bounce back chances are more ,
I am adding 2nd short entry here, please see related idea for the bigger picture. I think bulls had their chance 2 times so far, price might head south from here, I would use a stop above 1.5 for this one. all based on price action and current behaviour this is not a set and forget setup. I would wait for 4hrs close before taking action - worth watching
We have decent DAY support zone , So we will search only LONG opportunities until these Support Zones not break !!!
It seems like a rejection on resistance, I think it can go down to 0.71600 Let me know what you think about it :)
TP: around 181 OR wait to see if it breaks daily resisrtance and fly to 196 Let me know what you think about it :)
As we can see the market stands on top level so we will only focus on Selling opportunities ,