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

4 months ago
thanks bro, I am new in trading..I was panic just now because enter too you comfort me
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.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out