GBPCAD has been trading within a bullish channel on the weekly timeframe, recently awaiting key interest rate news to confirm its direction. The Canadian dollar saw a 25 bps rate cut yesterday, which has weakened it further, adding to the existing bullish momentum in GBPCAD.
Technically, a Cup & Handle pattern has formed near a key resistance level, indicating potential for continued upward movement. A break above 1.78849 would confirm a bullish continuation, providing a favorable buying opportunity. It is advisable to place a stop loss at the previous higher low to manage risk effectively.
Technically, a Cup & Handle pattern has formed near a key resistance level, indicating potential for continued upward movement. A break above 1.78849 would confirm a bullish continuation, providing a favorable buying opportunity. It is advisable to place a stop loss at the previous higher low to manage risk effectively.
Trade active
Entry TriggeredTrade closed: target reached
Target 1 Hit. Stop loss to breakeven.. waiting for target 2.Trade closed manually
TP2 closed at breakeven
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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.