Trade idea for GBP/CAD

Trade idea for GBP/CAD

2019-11-11 • Updated

Trade idea

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.

GBPCAD d1.png

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