During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
GBP/USD is still weak
2019-11-11 • Updated
Trade idea
SELL 1.2490; SL 1.2450; SL 1.2515
GBP/USD recovered last week from the 1.2440 area but met resistance around 1.2570 (resistance line from the end of June). The two attempts to overcome this level failed and the pair returned just above 1.25 where it started consolidating. As long as the pound stays above this support, it will retain a chance to continue consolidation and test the further resistance around 1.26 in line with last week’s candlestick that showed the pound wanted to find a base. However, the loss of 1.25 will mean a “double top” and open the way down to 1.2440 once again.
Note that the pound is under the negative pressure as traders worry about the prospect of eurosceptic Boris Johnson winning the Conservative party leadership contest.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...