GBP - Weak Bullish
1️⃣ The decline in infection cases and the easing of restrictions in the UK support demand on the GBP.
2️⃣ Preliminary readings show that the UK economy grew by 4.8% in the second quarter, recovering from a 1.6% contraction in the previous period.
CAD - Strong Bearish
1️⃣ The risk-off environment and further decline in crude oil prices...
BUY: GBP / CAD
SL @ 1.73680
TP @ 1.75180
Max Risk: 2%
(When calculating, do not forget about different spreads from Brokers)
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Have a good week to everyone
Just as our last analysis clearly stated, we saw price bounce right off the bat, making some good returns for us.
Now, we expect some sort of pullback before a continuous rally to the upside.
We remain in this trade, looking for scale-in opportunities to continue with this trend. Trade the trend with us. Trade Safe.
gbpcad buy :
1)my ema lines gave a divergence
2)possible uptrend for a week
3)nice naked candle had been given yesterday and todays candle will be the perfect entry point for atleast 70 pips
take profit : green line
stop loss : it depends upon you ,if you are scalper keep it 10 pips below todays candle
if you are swing trader keep it 5 pips below...
The 4hr and hourly timeframe still suggest a bullish trend on this pair.
After the last bullish move, we can witness corrections into the 4hr level of support.
Look carefully as eyes meet wick rejections, telling us that there are reactions at this level.
We now move the smaller time frames to look for long confirmations to get us in the new move.
#GBPCAD Price is trading the demand Area confirm the any bullish candlestick formation and breakout the 1hr timeframe trend line it will go for the next level resistance 1.73885
Why we like it:
Price Trading in 4HR demand area
watch the bullish candlestick formation in 1hr timeframe
Watch the trend line breakout
Expect to moving the next level resistance...
I expect GBPCAD to take out the previous high in 4hr timeframe. Right now price is currently at my support which is a nice opportunity to buy to the old hig.Good luck if you are going to take this trade. Do not risk more than 2% of your acc.
#GBPCAD Price is trading the Support Area zone waiting for any bullish candlestick formation and watch breakout the trend line its will move to the next level resistance area
Why we like it:
Price Trading in 4HR support area
watch the trend line breakout
moving to the next resistance area
waiting for candlestick confirmation
this is our thind trade of the week! we have a chance to buy GBPCAD (after a complete confirmation). GBPCAD is forming an ascending channel , the price is trying to test 1.75670. , so we can take advantage of it, there is a 130+ pips chance! also we have a great RR 1: 3!