Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Trade idea for GBP/CAD
2019-11-11 • Updated
SELL 1.7400; TP1 1.7350; TP2 1.7230; SL 1.7420
Last week GBP/CAD tried to rise to the 200-week MA in the 1.7750 area but then turned down and closed around 1.7460, below the highs of December and January. The weekly pivot point is at 1.7535, and as long as the pound is trading below this level, it will remain under pressure.
This week trading started with a bearish gap. The situation is not surprising: a lot of important events await the British pound, so volatility will be elevated. GBP/CAD met the resistance line and turned down. The pair will be under pressure to get to the lower levels, closer to the daily MAs. The levels to watch on the downside include 1.7345 and 1.7230.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!
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