Quick update on GBP pairs.
It's rallied into some key resistance levels on my charts. This could potentially signify exhaustion and lead to speculative selling/profit-taking in the very short term.
Keep a watch on the formation of this daily candle, if it posts some kind of inverted hammer or outside day, then I may look to sell some GBP pairs next week in...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (1.6591). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. GBPCAD is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANKS
-The 1W chart shows a re-test of the support TL on this triangle pattern. This shows that there is a lot of selling pressure and bears are in control.
If you look at price in the circled area, you can see that as price increases, the retracements are strong/deep; showing that if price were to continue higher, the bears will come back and drive price back down...
38.2% & POSSIBLE 61.8% Retracement SHORT GWAVE.
FIB Retracement Percentage is calculated in a Higher Cartesian and or Euclidean Dimension.
PLEASE ALWAYS WAIT FOR STOCHASTIC CONFIRMATION!!! THANK
Risk management: Compounding. Leveling: PA. Time: intermediate to long-term. This is just my view follow if it aligns with yours. Ideas are not repeated rather updated.
There is potential for this pair to go even further down with fundamentals on brexit coming out. However, any positive deal news n Brexit will see a potential bounce.
Lovely price action, we broke through a key level due to brexit news, if price can hit the strong uptrend support we have a great setup which also lines with the 61.8 fib
Using my Supply and Demand trading strategy. I have analysed the pair GBP/CAD on the 4 Hour Chart. I believe that the pair is a Strong Sell only if the next candle formed is a BIG Bearish Candle or either a Rejection Candle. If this is the case, I will be looking to go Short.
Here we have the HH HL LL LH formations with a HH in line with Previous LL if you can scroll back there is around 3/4 of the same formation currently on this chart.
FX:GBPCAD
Keep it simple do not over complicate anything because when you do it gets complicated it self!
Best advice I can give anyone in my opinion if your trading and after 20/30 pips you see...
The British Pound vs. the Canadian Dollar. This is one of the most traded pairs in the world. The Canadian Dollar, often referred to as the “Loonie”, is considered to be a commodity currency because of Canada’s heavy energy exports.
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