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 rising inside minor impulse wave 3
2019-11-11 • Updated
- GBP/CAD rising inside minor impulse wave 3
- Next buy target - 1.7770
GBP/CAD continues to rise inside the minor impulse wave 3, which recently broke the resistance zone lying at the intersection of the resistance trendline of the daily down channel from March (which encloses the previous medium-term ABC correction (B)) and 50-day moving average. GBP/CAD is expected to rise further toward the next buy target at the next resistance level 1.7770 (target price for the completion of the impulse wave 3).
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?