A potential short trade is busy setting up for this coming week starting on 12 November 2018.
FUNDAMENTAL Fundamentals will probably support a weaker GBP. Economic red news releases include GBP: cpi, retail sales and inflation reporting. Should all of or most of these news items be negative for the GBP, a definite GBP weakness will be experienced. Note: no significant news releases scheduled for the CAD.
TECHNICAL Price appear to be oversold on the 4hr chart. The Ichimoku indicator on the 1hr chart show further weakness. It therefore imply a potential short position is in the making that might produce +/- 200 pips.
See potential price levels for entry, profit taking and risk management on chart.
Remember, anything can happen.
Happy trading
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Well folks!, there you have it, the GBP political situation added fuel to this short trade idea. Target reached sooner rather then later.