There's some great profit potential here, however it's going to be a very tricky set up to take. Let me explain.
The gbpcad looks to be hunting out the upper missed monthly pivot at 1.6680. IF and only IF it hits that upper lever FIRST will I take the trade.
If 1.6680 is hit in the next few hours, I'll sell/short at that level targeting 1.6460. It's that simple.
However if this pairs dips down to 1.6500 area first (before hitting 1.6680) it's a no trade for me. I hope that makes sense.
ONE BIG IMPORTANT DETAIL: There's potentially super volatile UK news coming Monday night/Tuesday morning early, that could mess up this whole thing. Keep the news in mind.