amanpaulbhogal
Long

Horizontal support level low test rejection in ranging channel

FX:GBPCAD   British Pound / Canadian Dollar
152 3 2
GBP/CAD             has tested the rough level of 1.8159 4 times within the ranging channel and most recently has closed as a bearish low test above this support level . This signals at a potential rally back into the top channel at approximately 1.8474 continuing to move within the range. There are two entries into this reversal:

1. Entry above low bearish test bar of 15th August 2014
Entry = 5 pips above high of the bar (1.8223)
Stop = below low of the bar (discretionary)
The bearish low test close above the support level shows a strong rejection by buyers looking for a long move to
previous highs around 1.8474.

2. Entry above a potential bullish close today
Entry = 5 pips above high of the bar
Stop = below low of the bar (discretionary)
This scenario would suggest a shift from bearish to bullish with buyers returning back into the market.

There is also the added bonus of Stochastic and RSI oversold reversal.
GBP/CAD has yet again sustained its rejection for the 1.8160 price level and is looking favourably bullish in the range channel.
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GBP/CAD I meant, after weaker than expected CPI data.
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After this morning's weak CPI data, Sterling, is trading below the 1.8160 level of support. It will be interesting to see whether it closes below or above this level to gauge future direction.
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