Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/CAD reversed from resistance area
2019-11-11 • Updated
- GBP/CAD reversed from resistance area
- Next sell target - 1.8000
GBP/CAD recently reversed down with the daily Shooting Star from the resistance area lying between the key resistance level 1.8400 (which also reversed the previous impulse wave (i) with the daily Evening Star, as can be seen below) and the upper daily Bollinger Band. GBP/CAD is expected to fall further toward the next sell target at next round support level 1.8000 (former resistance level from the start of March).
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?