TradingView
Finchcliffe
Mar 12, 2024 5:50 PM

GBPCAD: Strong start for GBP fading out? Short

OANDA:GBPCAD240
GBP/CADOANDA

Description

⋅
GBP has been the strongest performing currency so far this year - I keep asking myself why??

  • Country in a recession
  • Stagnant economy
  • Limp Central Bank


With today's unemployment reading I'm expecting this to be the start of bearish involvement in sterling, I'm starting with this pair.

Think oil has dropped a lot and could be ready to bounce up which is good for CAD.

Seem to have broken the ascending trendline and retesting it now, failure to break back in will signify a change in direction.

My first target is 1.708, around the MA50 (daily) and clear support.

Trade active

⋅

Comment

⋅
More bad UK data and oil on the rise, consolidating now before the drop imho
Trend AnalysisChart PatternsTechnical IndicatorsCADjpyCADJPYsterlingpoundcanadian
More