Looking at a basket of Sterling pairs on a variety of time-frames.
(You can add this to your own watchlists by copying this code: GBPAUD*GBPCAD*GBPCHF*GBPJPY*GBPNZD*GBPUSD*GBPEUR)
There appears to be some evidence of a bottom shaping on the 4-hour chart.
Expecting a bumpy ride with Sterling, but I believe the Risk/Reward is looking favourable in the short...
C LEG PUSH UP?
- DAILY CANDLE CLOSED ABOVE LEVEL 1.6500 WITH NICE BULLISH CANDLE
- PRICE PULLED BACK FOR A RETEST (B LEG)
- CANDLESTICKS GOT SMALLER AS THEY APPROACHED THE 1.6500 LEVEL
- LITTLE HEADS UP AS CAD NEWS IS COMING OUT TODAY!
Fundamental we are in a Downtred for GBP.
Technichal we are moving in a nice pattern with lots of touches.
I entered a short position.
Be careful guys!
Happy Pips!
on GBPCAD next week I will expect bullish continuation within a rising parallel channel.
On my focus will be a supply zone around 1.64 level,
I will be looking for a short trade in this area.
Bearish breakout of a channel will be a perfect signal for us to open sell.
Target levels: 1.62 1.60
Rejection on either 1.62009 or the 61.8% fib (1.62233) on 4 hour time frame will be a good time to start adding short position to GBPCAD. A good place to take half profit would be at the 50% fib level (1.61565) and leave the rest of the trade running risk free.
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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