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moneyfromhoney

Intraday short trade opportunity

Short
British Pound / Canadian Dollar (FX:GBPCAD)  
moneyfromhoney  
FX:GBPCAD   British Pound / Canadian Dollar
Chart Patterns
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chartpattern
Price is moving in the upwards channel for some time and medium-long time trend is upwards. However, I see risk rewarding opportunity to enter counter trend trade for intraday traders. Channel's middle lane appears to be matching with fib resistance level. Looking at hourly chart, move up is getting exhausted and might be ready for correction. I would be looking to enter the trade with these parameters:

ENTRY: 1.7890-1.7900
STOP LOSS: 1.7950
TAKE PROFIT: 1.7750
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