Cabot101Management

GBP long VS CAD ( Trade not yet triggered)

Long
FX:GBPCAD   British Pound / Canadian Dollar
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3
Here we have broken the trend line to the upside however be cautious, we need to close
above 1.65 on the daily, to establish the bulls coming into play and the trade to be active . Some key data this week BOC rate statement which is expected to be cautious and much of the same tone ,CAD - GDP - M/M, GBP Manufacturing PMI,Construction PMI & Services PMI
We predict Long the GBP @1.65
T1 profit @ 1.66 which is a key level, Previous support has become resistance.
T2 Profit @ 1.6930 just below the .236 fib line
Stop @ 1.6180 just below the last previous lows

We rate this trade out of ten (6.5)

Happy trading, stay tuned...... plan the trade and trade the plan !!!!!!!
Comment: Okay this trade is still not active yet ????????
We need to close at or above 1.65 on the daily for this trade to be active.
You may be asking well if your willing to enter @ 1.65 why not get in now at a cheaper price ?????? there is a reason, CAD has had some reasonably good figures come out which has been halting progress here over the last couple of days, along with GBP bears still having the edge, we need to see the bulls coming back in before we commit ,

stay tuned happy trading