FrametheMarket101

GBPCAD - potential long in the making to collect +/-150 pips

Long
FX:GBPCAD   British Pound / Canadian Dollar
The fundamentals on the GBP provides a lot of potential upside momentum for the GBPCAD today.
1st there is the GBP manufacturing PMI, then the official bank rate votes and lastly BOE Governer Carney will be speaking.
The technical's indicate that price on the 4hr chart made a lower low and bounced of a support area formed a few weeks ago.
The latest political scene (Brexit) developments also provide good reason for the GBP to further strengthen.

Long Position
Entry levels indicated on the chart should be considered
Take profit levels should be build on a potential +/- 150 pip move

Remember anything can happen
Trade active: 2hrs ago, price retraced into the 50% fibo area. The idea is now live. Outcome is dependent on the BOE interest rate decision and Governor Carney's speech.
Trade active: Price creeping up on first fib target @1.6968
Trade active: Well folks, price reached and breached the first fib target@ 1.6968 and is now heading towards the second and final fib target@ 1.7078
Trade closed manually: With lack of appropriate momentum and the NFP coming up this trade was closed @ 1.7055, just shy of of 23 pips to the original target.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out