SamKent
Short

GBP/CAD Longer Term Shorting Plan

FX:GBPCAD   British Pound / Canadian Dollar
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The GBP/CAD is trading higher, and has recently broken the descending trend-line. While current market momentum and sentiment is bullish , we still like this pair for a short in the bigger perspective of things. With that in mind, we've outlined the kind of scenario we'd be looking for in order to happily short the pair. What we're looking for is for price to keep correcting towards the support&resistance zone as marked on the chart, coupled with the 50 to 61.8 retracement of the big bear wave. If things work out in such fashion, we'd short the pair at atound the 1.79530 level, aiming for an impulsive wave to attack the lows at around 1.75500.

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