BULLISH RUN FOR GBPCAD On the Weekly time frame price is very bearish in comparison to the bullish momentum we're experiencing. Having said that, price is showing potential to move to the marked target at 1.64840. This is because price move bullish and retraced to respect the 0.5% Fibonacci Level from which price rejected and continued to move bullish.
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Gbpcadbuy
GBP/CAD W1 D1 LONG 10.9.2019Technical view
On Weekly timeframe GBP/CAD has showed rejection from very important Supply area. We can see Pin bar was formed last week which we can consider as a buy signal, also we can see pin bar on daily chart. MA10 and MA20 have crossed each other on Daily chart which means there are changing in the trend in play. I will be looking for buy orders on smaller timeframes like H4 and H1 to join new uptrend. As u can see on given example area from 1.6800 to 1.6914 is next key Resistance area for GBP/CAD and there will be my TP.
Fundamental view
Monday GDP data for GBP was more better then expected which are very good numbers for Great Britan economy, and it seem Great Britan will avoid recession. So we could see recovery in GBP in further days and weeks.
GBPCAD approaching resistance, look out for potential reversal!
GBPCAD is approaching its resistance at 1.61834 where it is could reverse down to its support at 1.60360.
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GBPCAD Weekly Harmonic Gartley Analysis and StrategyWe see the formation of and are predicting the completion of a Gartely pattern @ 1.62100 as seen on the weekly chart. In the case the price action breaks below 1.62100 it will fall to 1.6000 to complete the Gartley. Therefore our strategy is the hedge the position if we see a bearish candle close below 1.62100 on the 4 hr chart then we will hedge position to 1.6000.
Price approaching Support, BIG BUY on GBPCADGBPCAD is approaching a support zone. Along with that the 100D EMA at 1.7325 can also support the price.
Hence, traders can long for BUY at 1.7315-1.7345 with SL below 1.7265.
TPs can be set at 1.7400 and 1.7550 respectively.
For daily signals, updates and ideas, check my signature at the bottom of this idea.