On the weekly time frame on the GBP/CAD pair chart, we see that from the top, we have a resistance of 1.75000. Since the beginning of the year, we have a side channel in the range of 1.70000-1.75000, and we can continue to expect such a movement of the GBP/CAD pair.
All three moving averages are on the bottom line of the canal, just above 1.70000. In the last two...
Not too long ago in a previous similar Idea that didn't work out I was expecting price to go on to make higher highs and respect the uptrend market structure however price has made a reversal and now ill be looking for a retest to go short on this pair there is GBP Weakness.
Price has been in an uptrend on the 4H TF.
However it is currently retracing within the upward channel.
It has hit the 61.8% Fib level which is also a point of structure
Short to whatever TP you feel comfortable but remember there is liquidity sitting at the 61.8% so a stop hunt may be possible.
use good risk management
NOTE:- Chanel already broke. It's risky trade so no advice to trade with high leverage.
There are tow reason to buy at the current price
1.) Last support is not broken
2.) The last Green candle is with high volume. so the probability is not broke and moves up again.
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Happy Trade. :)
GBPCAD has been very obvious for this week, People blame that huge spike yesterday mornings on news, but it was Technically predictable, GBP is not in a down trend, is juts in a correction Pals, so watch out for more movement and better position to join the upward tren, avoid shorts when touching the golden fibonacci zone of this impulse.
PEACE
PS let me know...
