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: picture has worsened
2019-11-11 • Updated
Trade idea
SELL 1.2885; TP 1.2800; SL 1.2905
GBP/USD turned down from the levels around 1.3015 this week and fell below the 100- and 200-day MAs in the 1.2960 area. The pair is currently testing the 50% Fibo level at 1.2900. The decline below this point will open the way down to 61.8% Fibo at 1.2785.
On the one hand, daily Moving Averages are horizontal, and technically the bearish momentum is not that big. There’s a chance that the pair may try to retest 1.2960/1.30, where it will surely meet further resistance. That may happen if the US durable goods due later today and GDP growth due on Friday disappoint. On the other hand, if the American figures turn out to be strong, GBP/USD will break below the support.
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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...