The GBPCAD dropped more than 10% from May 2019 till August 2019.
The pair then recovered almost all its losses, just over 9% from September 2019 to 1st week in December 2019.
The price is now at an historic monthly resistance level and is also struggling to totally break free out of the uptrend resistance trend line which started from a high...
On the 4hr chart the GBPCAD established a low in the 1.59600 zone.
Price moved from this area to make a high in the 1.66800 zone.
Since 20 September 2019 price dropped over 360pips from the 1.66800 zone,
just to meet support in a zone which was formed on 23 August 2019.
All of the above now provides a good landscape to consider long entries on the...
Well folks, another long trade idea in the making.
After the CAD (medium) news release today,
price finally decided to gain momentum to the upside during the open of the NY session.
Entry: @ market
Take Profit: 1.6230
Stop Loss: +/- 30 pips from entry
Remember: anything can happen and it usually will happen.
Well folks, another potential opportunity is busy presenting itself. The pair sold off very nicely yesterday and is resting on key support levels according to daily and hourly charts. Red News release for GBP: conumer price index might add to momentum. Should news be negative for the GBP, then price might sell off at 6004 or 6070. Remember, anything can happen....
GPBCAD made a nice re-tracement during London session on 12 August 2019.
Price is now a a key level where the professionals are busy with distribution.
On Tuesday it is expected that the GBP red and medium news releases will add to the short momentum of price.