Renforex

We have a bearish bias on GBPCAD and the pair is currently trading inside a rising wedge. Sellers can either sell before the break of the wedge with stop losses above 1.75 and targeting 1.695 initially, or wait for the break and retest if taking a more cautious approach.

Our GBPAUD trade setup hit target and came back up towards our previous entry point. Closing half the position at the previous target level would be a good idea to secure profits if momentum doesn't build up. See related ideas below for the previous trade.

GBPAUD has broken down from an ascending trend line. Risk adverse sellers should wait for price to retest the resistance zone above. 1.84 would be the first target.

GBPUSD recently broke out of a downtrend and is pulling back towards a significant support level at 1.3. If price bounces from this zone we should see the pair head towards the 1.32 level, which should pose strong resistance to the bulls.

We are waiting for a breakout in either direction on the EURCHF pair before taking a position. A break above the current zone should see the bulls testing the recent high and then 1.15. Whereas a break below the current zone and the 50MA should see the pair drop to 1.135 and below.

112.500 Is a strong resistance and we may see a rejection at this level as we are meeting a long daily descending trend line.

I have a pending sell order at the bottom of the highlighted zone. If price breaks above, I will look for opportunities to buy.

I've included support and resistance lines in the chart

Here is my long entry with TP and SL included. Close to support and within current bullish structure.