Sascha_Gogolin
Long

GBP/CAD - Breakout pullback

FX:GBPCAD   British Pound/Canadian Dollar
4 months ago
For almost a month we had a breakout forming. For now price is holding at the top of the breakout zone. If buyers are willing to step in here we might see a bigger bullish move since there really is not much standing in the way in form of resistance all the way up to 1.81000.

Things to keep in mind though:

1. Be careful with GBP crosses today due to interest rate decision.
2. Even though this is a breakout formation mid-term, long-term we are still in a correction after the strong Brexit-sell off. If this corrective structure hold, we will most likely see another attack on 1.70 and 1.67.
4 months ago
Trade active
4 months ago
Trade closed manually: Closed the trade manyally for +1R since I expected the GBP interest rate being lowered. Since this became the reality, my second option mentioned above is more likely now.

Related Ideas

RaymondCcv
4 months ago
thanks bro, I am new in trading..I was panic just now because enter too early..now you comfort me
Reply
Sascha_Gogolin
4 months ago
Hi Raymond! Normally I do not trade prior to high impact news like interest rate decisions, so this one was an exception. If you are new to trading I highly recommend always to check the news calenders for any upcoming major news and not to trade the crosses that are affected the same day. Hope this helps.
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