GBP/CAD - Breakout pullback
Updated
For almost a month we had a breakout forming. For now price is holding at the top of the breakout zone. If buyers are willing to step in here we might see a bigger bullish move since there really is not much standing in the way in form of resistance all the way up to 1.81000.
Things to keep in mind though:
1. Be careful with GBP crosses today due to interest rate decision.
2. Even though this is a breakout formation mid-term, long-term we are still in a correction after the strong Brexit-sell off. If this corrective structure hold, we will most likely see another attack on 1.70 and 1.67.
Things to keep in mind though:
1. Be careful with GBP crosses today due to interest rate decision.
2. Even though this is a breakout formation mid-term, long-term we are still in a correction after the strong Brexit-sell off. If this corrective structure hold, we will most likely see another attack on 1.70 and 1.67.
Trade active
Trade closed manually
Closed the trade manyally for +1R since I expected the GBP interest rate being lowered. Since this became the reality, my second option mentioned above is more likely now.
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