Slyjoe

Slyjoe

GBPCAD moves some what in correlation with GBPUSD, We've been bouncing around in a symmetrical triangle between the 1.69/1.70 level for the past couple of weeks, if it breaks above and closes above the symmetrical triangle i see a big break to the upside in correlation with GBPUSD. We've also had a failed breakout to the downside which was quickly shut down.

Slyjoe

We are about to test a trend line dating back to September 2012, which is also lined up perfectly with strong support @ 1.33827 and 100 SMA W1 AND THE 500SMA D1

Slyjoe

We may see some consolidation around the handle going into the weekend, expecting a big move after the bank holiday on monday.

Slyjoe

Three failed attempts at breaking the 200sma on D1 i got in @ 1.6999, the 1.7000 level has held many times in the past, however if we do end up breaching this level i see it free falling to 1.6850 IMO this is a very low risk trade.

Slyjoe

Want to see it close above the 50sma and break the neckline.

Slyjoe

Still in a longer term down trend if you believe in the fan principle, low risk opportunity as we reach resistance at the top of the trend line. If you look at the 4H chart the 200SMA lines up nicely with the downward sloping trendline.

Slyjoe

Double bottom formed, expect a bounce back up and retest of the 1.24000 level.

Slyjoe

Waiting for a break of the neckline for the confirmation.