Happy Sunday Traders,
This pair is currently pushing down very strongly on the daily chart and is approaching a Weekly Support Zone. This is an area that GBPCAD has tested multiple times in the past as support and is possibly an area that we could see a nice counter-trend bullish bounce out of this market. For that reason, I will be looking in this area for possible long trades this week.
Weekly Support Zone (Grey Zone) = (1.65470-1.67920)
This pair is currently pushing down very strongly on the daily chart and is approaching a Weekly Support Zone. This is an area that GBPCAD has tested multiple times in the past as support and is possibly an area that we could see a nice counter-trend bullish bounce out of this market. For that reason, I will be looking in this area for possible long trades this week.
Weekly Support Zone (Grey Zone) = (1.65470-1.67920)
Trade active:
Since releasing this report on GBPCAD last Sunday, This pair has dropped 40 Pips so the market is moving in the direction we anticipated. We will be looking for possible short trades towards the Grey Zone (1.6547-1.6792)