For the week of 21 Feb. GBPCAD – Bullish above 1.6990
This pair has been knocking on 1.7280 since end Dec 2021. You can see 3 failed attempts to close above that level. However, the recent (4th) attempt recently did succeed and it managed to close above that area and managed to hold its position on Fri this week. The pair now appears to be slightly bullish and, in my opinion, we will see 1.7570 over the coming 2-3 weeks.
I am looking for a small pullback to the 1.7280 area and a bullish signal on either the D1 or H12/H8 chart. I will be going long if that happens with stop below the recent low /200 dma.
The Russia/Ukraine crisis is ongoing and it is possible that we see some significant volatility. This is why I think, we need to have such a wide stop. Even so, if price moves as I anticipate, we can still have a 1.8-2R trade.
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Always use sound money and risk management in all your trades.
I am looking for a small pullback to the 1.7280 area and a bullish signal on either the D1 or H12/H8 chart. I will be going long if that happens with stop below the recent low /200 dma.
The Russia/Ukraine crisis is ongoing and it is possible that we see some significant volatility. This is why I think, we need to have such a wide stop. Even so, if price moves as I anticipate, we can still have a 1.8-2R trade.
If you like my analysis, please give it a “thumbs up” and follow me to get immediate notifications.
Always use sound money and risk management in all your trades.