GBPCAD Idea
Updated
Last week, we watched GBPCAD move upward at test some major resistance. Well, price action broke our resistance and is now coming back down for a retest. Due to the volatility and heavy consolidation, I’m currently neutral on the pair. Structure wasn’t clean enough for me to be able to make a confident decision towards the future direction of the price. However, I see two things potentially happening. The first is that the price, being in an uptrend, could bounce off of our support and had upwards. The second is that the price levels could come down and test our support levels before heading back up. We will be monitoring this pair closely heading into the week.
For more information, please visit rileyedwardsfx.com.
For more information, please visit rileyedwardsfx.com.
Note
I just placed a short position, however, this is a risky trade and we are taking a half position on it.Sell limit: 1.771
Stop Loss: 1.7781
Take Profit: 1.7515
Happy trading!
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.