LONG GBP/CAD from 1.8886 STOP 1.8881 TP - 200 sma on H1.
Rationale.
Manufacturing PMI numbers missed by a fair margin but GBP has gained across the board following a minor sell off - this is usually a strong BULLISH sign. Price has retraced on M1 back to the 200 sma and this is acting as support and as our STOP.
Yesterdays high at 1.8892 is currently acting as support and this sits on the 200 sma and 200 ema.
To add to this analysis GBP has recently broken clear of the descending channel shown.
Rationale.
Manufacturing PMI numbers missed by a fair margin but GBP has gained across the board following a minor sell off - this is usually a strong BULLISH sign. Price has retraced on M1 back to the 200 sma and this is acting as support and as our STOP.
Yesterdays high at 1.8892 is currently acting as support and this sits on the 200 sma and 200 ema.
To add to this analysis GBP has recently broken clear of the descending channel shown.