GBP/CAD: how to bet against the pound

GBP/CAD: how to bet against the pound

2019-11-11 • Updated

Trade idea

SELL 1.7620; TP1 1.7535; TP2 1.7445; SL 1.7640

GBP/CAD has been trying to break above the 200-week MA at 1.7735 for 4 weeks. However, for now, the resistance stands, not letting the pair get higher. The pound obviously needs some really cheering news about Brexit to jerk up. We can see that there are a lot of sellers between 1.7750 and 1.78. A break above the latter level is needed to confirm a break and open the way to 1.80 and higher. In the meantime, the pair that lacks the bullish momentum may revisit support levels. A break below the 100-period MA on H4 at 1.7625 will target 1.7535 or even 1.7445 (200-period MA on H4).      

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