The Great British Pound has been depreciating in an ascending channel pattern against the Canadian Dollar since the end of December. This decline began after the currency pair reversed from a psychological resistance level at 1.7500 on December 31.
When looking at the positioning of the exchange rate, it is likely that the decline will continue during the ...
1.6700 empowered match needs to overcome the 1.7225-30 opposition juncture,
every day shutting above 1.7230, pullback towards the 1.7160,
the 1.7050 and the 1.7000 sequential help levels.
FOREX IN WORLD
There is a good chance of one more move up for GBPCAD Before a nice fall; All these are still within the consolidation. ThisGBPCAD consolidation will last for quite some time, but there will be a lot of good trade set ups in it.
We have also entered GBPCAD long as we had a confirmed intra day 50/50 bounce.
Again we have a 1:1 RR (not the best I know) but our stoploss is very unlikely to hit as we kill the trade once price closes BELOW 13 EMA.
Let's see how this works out :)
The price made a triple top within the downtrend line on the daily chart. After it, it broke the consolidation and now came back for the retest, already showing signs that the sellers are coming back to the game. I`m gonna wait for a strong price action and then I`m going short.