GBPCAD Long Opportunity
GBPCAD experienced quite the bull rally back in January, jumping from 1.67601 all the way to 1.76437. However, price action for February so far is volatile and has consolidated around the 1.755 levels. Heading into this week, we are remaining bullish on this pair and waiting for a good entry point for a long position. We are looking for a few different options for entry. First, price could fall down to our first major support level at 1.75273, which also represents the 38.2 Fibonacci retracement level, be rejected, and continue its bull run to push price higher. Second, the first support level could break and price could fall down to our second support level (78.6 fib level) before jumping back up. Lastly, price could shoot up and break through our major resistance zone and come back for a retest, in which case we will be looking to go long. We will be monitoring price action closely for entry positions.
For more information, please visit rileyedwardsfx.com
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