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Gbpcadlong

Is there a potential change in direction for GBP/CAD brewing?Since the beginning of May the BEARS have been in complete control of GBPCAD and we've seen the price move from 1.7708 to 1.7024. I always spend Saturday morning looking at the weekly charts for all my trading pairs and I notice that GBP/CAD has put in a nice long-legged doji indecision candle which hints at a potential reversal. Its true that the Monthly chart continues to look BEARISH and there's not much fundamental support for the GBP so I wouldn't be predicting we're going to see a bounce next week on G/CAD but its certainly worth keeping an eye on and it will be interesting to see where we head first thing next week.
Long
by theforexportal
1
GBPCAD long trade ideaPlan: resistance level breakout --> wait for the price to bounce off from support level --> wait for the rejection candle pattern to form e.g. bullish engulfing, pinbar, etc --> BUY **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade like i do, please write it in comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Long
by GWBFX
2
Time to have some GBP/CAD LONG action For the last 12 hourly candles the BEARS have pushed down the price of GBP/CAD but have failed to push the price lower than 1.7020. My experience tells me that continuous price action like this is very weakening for the BEARS as the BULLS stand their ground and don't attempt to drive the price north until they think the BEARS are spent. I believe we have reached the tipping point and we could see the BULLS exert their authority having been under the cosh since early May. We may yet see further downward forces come into play as the BEARS take a breather and regroup higher up but it seems clear we are going higher over the next few hours. I'm in at market (1.7055) with a STOP under the lows at 1.7020.
Long
by theforexportal