GBPCAD Sell
There's a growing sense of caution around GBPCAD. While recent technical indicators have suggested a strong buy, a closer look reveals potential exhaustion from buyers, particularly at key levels across multiple timeframes.
Key Levels and Exhaustion:
Weekly, Daily, 4-Hour Charts:
GBP/CAD is currently testing resistance on its weekly, daily, and even 4-hour charts. This confluence of resistance points suggests the pair might be struggling to push higher.
Buyer Exhaustion:
The recent rally might be losing momentum. We could be seeing signs of buyer exhaustion, where the bulls are running out of steam after a significant upward push.
I have entered a sell position and look to hold it overnight into tomorrow, to see how CAD and USD news affect the seniment.
Entry: 1.75929
Stop: 1.76275
Profit: 1.74503
1:4 RR - Risking 1% in the hope of hitting 4% returns.
Key Levels and Exhaustion:
Weekly, Daily, 4-Hour Charts:
GBP/CAD is currently testing resistance on its weekly, daily, and even 4-hour charts. This confluence of resistance points suggests the pair might be struggling to push higher.
Buyer Exhaustion:
The recent rally might be losing momentum. We could be seeing signs of buyer exhaustion, where the bulls are running out of steam after a significant upward push.
I have entered a sell position and look to hold it overnight into tomorrow, to see how CAD and USD news affect the seniment.
Entry: 1.75929
Stop: 1.76275
Profit: 1.74503
1:4 RR - Risking 1% in the hope of hitting 4% returns.
Trade active
Trade closed: stop reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.