In addition to the bearish GBP/USD trade, I am also looking at a potential long position on the GBP/CAD. Again this trade may be heavily influenced by the announcement of next week's British CPI release- also by the BoC interest rate decision on 18/04,followed by the Canadian CPI release the following day.
Price has recently broken weekly resistance. The bullish bat is essentially retesting that level now as support (see below). I will mainly be watching the 4 hour chart for my entry. Risk:Reward at 1:3.
Bat Ratios
B = 0.382-0.5
C = 0.382-0.886
D = 1.618-2.618
X to D = 0.886
Price has recently broken weekly resistance. The bullish bat is essentially retesting that level now as support (see below). I will mainly be watching the 4 hour chart for my entry. Risk:Reward at 1:3.
Bat Ratios
B = 0.382-0.5
C = 0.382-0.886
D = 1.618-2.618
X to D = 0.886
Comment:
You can see where price is looking for support, we have previously had both support and resistance at the level. Further analysis will be posted as the trade develops.
