GBPCAD Formed Crab Harmonic Pattern which supports the bullish bias targeting 1.7110
stop loss should be placed at 1.6620
Fundamental commentary:
GBP has also lost a key tailwind since the emergence of the Omicron eased expectations for a BoE rate hike this month.
Omicron variant introduced significant uncertainty into global markets, with a BoE rate hike looking increasingly unlikely this year.
Last week, three BoE officials further dampened rate hike bets which increase the sell pressure on the GBP but we expect a short term correction for GBPCAD so try to lock your profit to avoid the main downtrend.
stop loss should be placed at 1.6620
Fundamental commentary:
GBP has also lost a key tailwind since the emergence of the Omicron eased expectations for a BoE rate hike this month.
Omicron variant introduced significant uncertainty into global markets, with a BoE rate hike looking increasingly unlikely this year.
Last week, three BoE officials further dampened rate hike bets which increase the sell pressure on the GBP but we expect a short term correction for GBPCAD so try to lock your profit to avoid the main downtrend.
Trade closed: target reached
TP1 reached
Signals and analysis derived from artificial intelligence models and experts
ChartDepth.com?utm_source=tradingview
play.google.com/store/apps/details?id=com.chartdepth.ai
apps.apple.com/gb/app/chartdepth/id1560762940
ChartDepth.com?utm_source=tradingview
play.google.com/store/apps/details?id=com.chartdepth.ai
apps.apple.com/gb/app/chartdepth/id1560762940
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Signals and analysis derived from artificial intelligence models and experts
ChartDepth.com?utm_source=tradingview
play.google.com/store/apps/details?id=com.chartdepth.ai
apps.apple.com/gb/app/chartdepth/id1560762940
ChartDepth.com?utm_source=tradingview
play.google.com/store/apps/details?id=com.chartdepth.ai
apps.apple.com/gb/app/chartdepth/id1560762940
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.