BASE ON PRICE ACTION I FOUND A INVERTED HEAD & SHOULDERS PATTERN WITH A MINI DOUBLE BOTTOM ON THE FORMATION OF THE RIGHT SHOULDER.
Here a long position in GBP/CAD cross pair is presented. I've entered into this position based mostly on the fundamental picture, where CAD already appreciated due to the unexpected rate hike in October which was probably premature and won't be followed by other rate hikes this year, while British Pound is on its way to appreciate due to expected rate hike in...
FIRST: Huge warning for this long, BOC interest rate decision in 1H. Technically , price broke through resistance; range breakout trade; targeting bullish flag in supply; also, inv H&S present with neck line taken out. Again, BOC event might give or invalidate this setup. Trade a your own risk.
GBP/CAD 1H Chart: Falling Wedge The British Pound is losing value against the Canadian Dollar in falling wedge pattern that began to transform from a descending channel in the middle of last week. At the moment, the wedge consists of multiple reaction highs and three reaction lows, which means that it might be broken already in the nearest future. Even...
GBP/CAD 1H Chart: Channel Down The British Pound is losing value against the Canadian Dollar in a two day long descending channel. The pattern was shaped by a reaction on release of information on the UK CPI and Average Earnings Index. At the moment, the currency pair struggles to pass through the support level set up by the weekly S3 at 1.6268. ...
GBP/CAD 1H Chart: Pennant The British Pound is trading against the Canadian Dollar in a pattern similar to pennant that started to form after a six-hour depreciation of the Sterling by 0.69%. Traditionally, pennants themselves are made of symmetrical triangles, but this time it made of an ascending triangle. From the triangle’ point of view, the...
I've been disgustedly inactive due to hectic school schedules as well as slow internet connectivity. For that, I will be publishing my rationale on why I entered the following trade. For the past days, I've been obsessed with Canadian Dollar pairs. If this Forex pair does break the graphed line, it may possibly dip to the 1.59500 area.
This is my current view on GBPCAD . I think the whole downtrend is a corrective structure. Let's see!
At the bottom of the long-term channel it will complete a Bullish Bat Pattern that can push the price to higher. remember the trend is down so we need a strong trigger to go long
Bullish Bat Pattern nearing Completion. Point D sits at the 61.8% retracement. Volume is starting to decline as prices move downward indicating that bulls might enter at any moment. Notice as well that right below the D point is Monthly and Weekly resistance (broken line) levels. We also have RSI showing bullish convergence signal.
Been in consolidation for too long. Maybe we can see a shorting opportunity in the long-run
GBP/CAD can possibly break it's support and continue it's bearish trend 300 pips down. At the moment being the support is not strong and the chances of it breaking even further down are favorable. Invest after your own analysis and money manage properly. Happy trading!
On the daily time frame GBPCAD is forming an awesome bullish setup. It has diverged itself from the lower range by moving sideways and has now created a new lower range on which its trading now for a while. The Stoch indicator is showing buying pressure is increasing. The indicates that finally soon the price will go up again towards the upper range. TP: ...