GBPCAD - Down is the way?
Updated
Good evening everyone,
Gbpcad has been trading on the bottom half of the big weekly channel for a while now and did a beautiful rejection of the monthly R1 + 200SMA weekly resistance level.
Now the price is overextended on fastertimeframes and therefore i'll wait for a pullback and rejection before going short.
Potencial targets is 1.73 level (monthly pivot + daily 50 EMA + 200 h4 SMA.
Extended target is 1.72
S.L over 1.76 level.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Gbpcad has been trading on the bottom half of the big weekly channel for a while now and did a beautiful rejection of the monthly R1 + 200SMA weekly resistance level.
Now the price is overextended on fastertimeframes and therefore i'll wait for a pullback and rejection before going short.
Potencial targets is 1.73 level (monthly pivot + daily 50 EMA + 200 h4 SMA.
Extended target is 1.72
S.L over 1.76 level.
This Trading Idea is to be used for educational purposes only. This idea does not represent financial advice and its NOT a signal. You should trade based only on your own technic and knowledge.
Comment
Pullback is happening right now, lets keep a close look, if a rejection of this level confirm therefore a short opportunity will present.Comment
Retesting trendline now, a rejection will be a bearish good signal for us. However a breakout and close above will invalidate this idea for now.
Comment
The last up spike can mean a big bull trap and therefore a short opportunity is still a good option BUT today we have big brexit news so be more careful about trading pound todayRelated publications
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