Just a small update from my previous post. I have shifted down a good sell zone for us to consider (1.7025-1.7120). So as we can see, GBPCAD managed to have a small bullish retracement which we can see testing the 61.8 fib area with a failure to test 78.6 fib area at the previous bearish movement. We can also see a rather strong resistance level @ 1.7070 price...
Update on GBPCAD, still waiting for this break to the downside. Any feedback on analysis would be appreciated.
Looking for this pair to make that push down. Please leave any feedback regarding my analysis would be much appreciated. Thank you.
From my previous analysis, we were able to predict a correct BEARISH movement from the formation of a h&s pattern with a breakthrough of the trend support level. After the breakthrough, we could see a strong BEARISH movement downward without any retest either the trend resistance or resistance @1.7255 price level. For now, I do not see GBPCAD having enough...
GOOD DAY TRADERS HERE'S A SHORT IDEA ON THE GBPCAD WITH THE LACK OF EU-UK TRADE PROGRESS PRESENTING SOME PRESSURE ON THE GBP, THIS WEEK SAW ANOTHER WEEK OF EU-UK TRADE TALKS. THE POUND HAS BEEN WEAK ON MOST AGAINST MOST MAJOR CURRENCIES THIS WEEK HOPING THE BEARS WILL COME INTO PLAY AND WE PUSH DOWN SINCE THE ASCENDING CHANNEL DID NOT HOLD AND WE SAW A BREAKOUT...
GOOD DAY TRADERS HERE'S A SHORT IDEA ON THE GBPCAD PAIR
Please reference this analysis for your trading decision
This is one of my first times of analysing a chart. I am placing a sell stop @ 1.70174. SL 1.70258 TP1 1.70090 TP2 OPEN Please give honest feedback and any tips.
Likes and comments if you want more trading setup. Thank you! Visit our channel! Price formed a structure, and then the price left the down trend The price had a resistance at 1.0782, broke it and now it's heading towards the resistance at 1.7210
I will look for short positions once more bearish momentum comes, as well as a nice rejection of the 50% fib confirming my sell. London session will most likely bring that. Happy trading!
Why you may consider selling GBPCAD
Price is testing our support in line with our horizontal overlap support, 61.8% fibonacci retracement and 78.6% fibonacci extension where we could see a bounce to our first resistance level . Attached is the video analysis so do check that out as well and let us know what you would like to see next!