informedtrades
Short

Short GBPCAD As Sharp Rally Runs Into Resistance

FX:GBPCAD   British Pound / Canadian Dollar
48 1 0
On GBPCAD             , we're seeing:

1. A sharp rally that has now run into resistance, with today's candle being the first tentatively bearish candle since September 5
2. A 50% pullback from the swing high on August 5 to the Swing low on September 7
3. Price is just above the 50 SMA , and is well below the 200 EMA
4. Signs of GBP weakness and CAD strength are visible on other currency pairs as well

In light of these factors, I shorted GBPCAD             at 8012, with my stop at 8128 and my target profit at 7616.

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I really like this trade. It looks very clean cut. Great Risk/Reward! Good Luck!
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