GBPCAD sell
We have seen GBPCAD pierce it’s positive trend line recently - as with the majority of GBP pairs. The relative weakening of the pound has brought GBPCAD into a pending bear market. The descending triangle that I have identified has had its support base broken and retested multiple times today.
Reasons to take:
- Momentum is negative and downward facing
- Stochastics are below 50, downwards facing, oversold although %D is barely above %K.
- Price is below the daily EMA100
- Price has broken support on multiple timeframes
Entry: 1.66927
SL: 1.67692
TP: 1.6100
Reasons to take:
- Momentum is negative and downward facing
- Stochastics are below 50, downwards facing, oversold although %D is barely above %K.
- Price is below the daily EMA100
- Price has broken support on multiple timeframes
Entry: 1.66927
SL: 1.67692
TP: 1.6100
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.