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.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully
understand the risks.
Gbpcadbuy
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.
Want a PI#S with a FREE ALCOHOL?Circled in purple you can see how price hit our support zone and then bounced, we can see price making a bullish run up to our TP1 zone ( 1st green box ) this is 100 pips away, so even though this is a little late entry there will still be some good pips to be caught. After TP1 is hit there is a possibility that price might also hit our TP2 ( 2nd green box )
Like always trade with correct risk management, especially with BREX#@IT going on and the joke that is the UK government who couldn't organise a pi#s up in a pub with a free alcohol.
These are only our views and please only use them if they line up with your own analysis.
Use your own brain.... if you have 1 ;p Key levels that price has been respecting over and over again, trendline has been respected and touched 3+ times so price could come down to retest this again, At the moment price is caught in between 2 key support and resistance levels so we will be waiting to see if price goes bullish or bearish.
Our overall outlook is bullish, so this could come after a retest of support of our trendline, You must be patient and wait to see what direction price takes, if you jump in this trade now your an idiot ;p
So just use this chart to help you, and use your own brain when to enter... if you have 1 ;p
#GBPCAD Seems more promising than everUsually, the definition of a rising trend is that each new rise will be higher than the previous one and so on, here it does not happen. The price does not succeed in breaching the resistance in the price area 1.7760, but what is going on here is after each increase of the gbpcad comes a correction that is smaller than the previous correction And so on, which is a positive sign of an upward trend! Our recommendation is buying
Buy GBP/CAD:
Entry price:1.7658
Take profit: 1.7740
Stop Loss: 1.76
GBP is like a dirty wh#@e... Trade with protection!It doesn't take a genius to work out and spot key levels on this pairing as historically price respects them, and once again we can see price respecting our support and resistance levels ( green lines ) on this chart.
More recently price has respected a lovely trend line ( TL, Blue line ) that has formed, price has bounced off this TL 5 times in the past 6 days making this a strong TL that must be respected.
From here and taking all factors into account we can only see price continuing to respect this TL all the way to out resistance line, and once at resistance we can see a possible break through resistance pushing price higher.
Please remember to trade with some protection as GBP is like a dirty wh#@e, And you wouldn't get playing around with them without protection would you? ;p