In addition to the bearish GBP/USD trade, I am also looking at a potential long position on the GBP/CAD. Again this trade may be heavily influenced by the announcement of next week's British CPI release- also by the BoC interest rate decision on 18/04,followed by the Canadian CPI release the following day.
Price has recently broken weekly resistance. The bullish bat is essentially retesting that level now as support (see below). I will mainly be watching the 4 hour chart for my entry. Risk:Reward at 1:3.
Bat Ratios
B = 0.382-0.5
C = 0.382-0.886
D = 1.618-2.618
X to D = 0.886
Price has recently broken weekly resistance. The bullish bat is essentially retesting that level now as support (see below). I will mainly be watching the 4 hour chart for my entry. Risk:Reward at 1:3.
Bat Ratios
B = 0.382-0.5
C = 0.382-0.886
D = 1.618-2.618
X to D = 0.886
Note
You can see where price is looking for support, we have previously had both support and resistance at the level. Further analysis will be posted as the trade develops.
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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.
Related publications
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.