Possibility for a buying opportunity in GBP/CAD very soon! We have been trending to the downside for the past month and a half in GBP/CAD but we could finally be seeing a turn around. We are also bullish on the GBP index which adds confluence to the fact that the trend has changed. However, this looks to be a counter trend trade on the larger timeframes so we need to be keep that in mind when taking this trade. GBP/CAD has shown clear breaks in 1Hr structures and has started producing impulses to the upside and descending corrections showing us that price intends to go higher. We are currently seeing a correction form off the back of a recent impulse. The level i will be looking for price to come into will be the structure and 2 hour key level labeled. At this level i will be looking for a strong momentum bullish candle from which i will take an entry and look to target the -61.8 Fib extension. However, if price does not come down to this level then i will not be taking a trade.
Feel free to leave any comments about the idea!
Feel free to leave any comments about the idea!
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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.