We have seen a decent correction in GBPCAD over the last few weeks. However, price action indicates that things might turn around very soon.
I believe a reversal is on the way for GBPCAD.
Technically, a) Price is finding support at the 100D EMA.
b) A descending wedge formation is taking place.
So, I will be looking to go long in the 1.6850-1.6950 zone with SL below 1.6780. If the trade goes into profit, we can Take Profit(TP) at 1.7080, 1.7200 and 1.7500.
I believe a reversal is on the way for GBPCAD.
Technically, a) Price is finding support at the 100D EMA.
b) A descending wedge formation is taking place.
So, I will be looking to go long in the 1.6850-1.6950 zone with SL below 1.6780. If the trade goes into profit, we can Take Profit(TP) at 1.7080, 1.7200 and 1.7500.
Note
100 pips up from the buying zoneNote
First TP reachedTrade closed: target reached
I have closed my trade with 340 pips profit
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.