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Auskid
Jun 5, 2019 6:26 AM

GBPCAD - Potential 1:6 R:R Long

British Pound/Canadian DollarFXCM

Description

** This is simply an opinion and not a signal, please do your own analysis and ensure you follow your trade plan **

With Recent Key levels being reached by GBP Pairs across the board, There have been multiple opportunities to watch for some long setups.
GU, and GJ, have already provided good returns.
In relation to GCAD, We see it has approached a key level of 1.7xxx. This also coincides with an ascending T.L, to form quite a strong area of interest.
Rejection of this level by several candle shows this may be a good opportunity to go long.

TP would be the overall bearish Fibonacci retracement of 50% where the largest resistance seems to lie.
Comments
Auskid


Still ranging and hovering approximately 30 pips above the 1.7 key level. Break of this small range should see nice moves.
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