GBP/CAD is ready to rock

GBP/CAD is ready to rock

Trade idea

SELL 1.6180; TP 1.6060; SL 1.6205

Times are quite turbulent for the British pound. GBP/CAD has already retraced down 61.8% of the August-September advance. The price is now trying to stick to the 50-day MA in the 1.6230 area. Still, the Canadian dollar looks more attractive than the pound. Unless there’s a breakthrough in Brexit talks, the pair will likely slide to the support line connecting August and September lows and 78.6% Fibo around 1.6050. Resistance lies at 1.6300 and 1.6375. 

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Latest news

GBP/USD: levels to trade

GBP/USD has been consolidating between 1.30 and 1.2770 for the past month. The pair met resistance at the resistance line connecting October and November highs.

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