Recently the pair has reached 1.3170 which represents the third summit of a bearish trend line weekly.
The resistance seems strong and I also noticed a strong reaction of the price on this level. Considering all of this, I reasonably thinks that a bearish trend is taking place. A stop loss above 1.3170 will prevent from a bullish continuation.
1.2800 is a good...
I noticed a break out of the bearish resistance in H4. This probably means that the pair will continue its increase in the next days.
I put a target at 1.9310 for 155 pips. This is a nice opportunity to take here.
Higher lows in a downtrend mean that a reversal is taking place slowly but surely. Regarding the previous daily candlesticks I am confident in the fact that GBPAUD will trigger a uptrend in the next days.
1.8100 is an important level to break out but I anticipate the trend with a stop loss below 1.7880.
I try to catch pips on EURCAD again and again. Here there is no clear pattern but I notice that the price fails to go above 1.54. And the last higher price was 1.5350. So why the pair would not break down the uptrend line? I don't think the pair will go above 1.5350.
The pound is bearish for weeks now and the trend seems still very strong to the point that the price might decrease below 1.9100 very soon.
A target around 1.90 seems reasonable as this level has strong psychological effect on investors.
Even I notice a falling wedge pattern on the chart I think that the pair GBPAUD is not ready yet to go up and I expect a 100 pips decrease in the next few hours because the top line of the wedge acted like a resistance.
This trade is relatively risky especially regarding the fact that the pair EURUSD has shown many bearish signs many times is the past days. But the pair has failed many times to break down the 1.1180 level. So why the pair would not breakout the oblique resistance ?
I bet on it. I see a potential of 75 pips here. Let's see.