GBP/CAD SHORT from 1.7146
GBP/USD and GBP/CAD have come under sustained selling presuure in the last hour.
WE havbe a confirmed SELL signal on Pivot Point Supertrend and the red SELL line has crossed the signal line of the Andean Oscillator and is rising shrply indicating high momentum SELLING.
On the H4 chart we've been overbought on this pair for some time and the RSI is now descing.
MACD on H4 is also confirming this SHORT bias.
Target for this trade is the 200 EMA on H4 which may be optimistic but there's no reason why the price can't make it down there over the next few trading days though any news will have to be factored in.
Price has broken 25 EMA and 50 EMA on H1 and is currently forcing its way through the 100 EMA which is not offering much support.
On the H4 time frame the price is trying to defeat the 25 EMA which may hold up the BEARS but the overall picture is BEARISH.
STOPS can be placed above the last high.
WE havbe a confirmed SELL signal on Pivot Point Supertrend and the red SELL line has crossed the signal line of the Andean Oscillator and is rising shrply indicating high momentum SELLING.
On the H4 chart we've been overbought on this pair for some time and the RSI is now descing.
MACD on H4 is also confirming this SHORT bias.
Target for this trade is the 200 EMA on H4 which may be optimistic but there's no reason why the price can't make it down there over the next few trading days though any news will have to be factored in.
Price has broken 25 EMA and 50 EMA on H1 and is currently forcing its way through the 100 EMA which is not offering much support.
On the H4 time frame the price is trying to defeat the 25 EMA which may hold up the BEARS but the overall picture is BEARISH.
STOPS can be placed above the last high.
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