GBP/CAD is losing ground

GBP/CAD is losing ground

2019-11-11 • Updated

Trade idea

SELL 1.6100; TP1 1.6060; TP2 1.5980; SL 1.6120

GBP/CAD tried to recover in August, but its progress wasn’t very impressive. A “Dark Cloud Cover” pattern was formed on the W1. The declining 50-day MA is providing resistance at 1.6255. The decline below the last week’s lows in the 1.6135 area opens the way down towards 1.6060 (61.8% Fibo of the August advance) and 1.5980 (78.6% Fibo). Notice that there will be a lot of political challenges for the GBP in the upcoming days. The rise back above 1.6255 is needed to allow a retest of 1.6355 (August highs).

GBPCAD.png

Similar

New UK Prime Minister is to Freeze Gas Bills
New UK Prime Minister is to Freeze Gas Bills

After the resignation of Boris Johnson in July 2021, the conservative party was preparing for an election. With 57.4% of the vote, Liz Truss will be the new UK Prime Minister (PM) for the next two years. She is about to change a lot, and we are about to tell you everything you need to know.

UK: No Longer a Leading Economy
UK: No Longer a Leading Economy

The current situation is terrible, and the future is worse for the United Kingdom. Will the British pound withstand the challenges that await the UK economy, or will it collapse?

Latest news

It’s Time to Look at New Zealand
It’s Time to Look at New Zealand

Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera