ClearEdgeFX

GBPCAD - BEAUTIFUL TRIANGLE ON WEEKLY TIMEFRAME

FX:GBPCAD   British Pound/Canadian Dollar
12 0 2
One of the best ways to improve one's trading is to take a look at multiple time frames for a given currency to get a better handle on how price action might unfold. Higher time frames filter out a lot of short-term, random noise and often can give us a better sense of clarity in terms of the overall market structure. In this particular case we see that a triangle has formed and we're currently at the upper boundary where price will have to do one of the following: we'll either see it break the downward trend line possibly re-testing the recent highs, or, it'll bounce back toward the rising support line at the bottom. Seeing as we're an inflection point that's dominated by indecision it would be wise to wait for better signs of what might transpire, especially that we still have another three days worth of price action ahead of us before we'll how this week's candle will look like. This is a set up that I'll be repeatedly revisiting in the next few weeks.
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