Buy GBP/CAD UK GDP
Updated
The GBP/CAD pair on the M30 timeframe presents a potential buying opportunity due to a recent upward breakout from a well-defined bullish channel pattern. This breakout suggests a shift in momentum towards the upside and a higher likelihood of further price gains in the coming hours.
Key Points:
Buy Entry: Consider entering a long position (buying GBP/CAD) above the broken resistance level of the channel, ideally around 1.7120 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the following points, based on the channel and recent price movement:
1.7181: This target is obtained by measuring the height of the channel (from the base to the breakout point) and adding that distance to the breakout price.
1.7215: This is a further extension of the upside target, based on roughly twice the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally with some buffer around 1.7105. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
Thank you.
Key Points:
Buy Entry: Consider entering a long position (buying GBP/CAD) above the broken resistance level of the channel, ideally around 1.7120 after confirmation of the breakout. This offers an entry point close to the perceived shift in momentum.
Target Levels: Initial bullish targets lie at the following points, based on the channel and recent price movement:
1.7181: This target is obtained by measuring the height of the channel (from the base to the breakout point) and adding that distance to the breakout price.
1.7215: This is a further extension of the upside target, based on roughly twice the height of the recent price movement before the breakout.
Stop-Loss: To manage risk, place a stop-loss order below the broken resistance line of the channel, ideally with some buffer around 1.7105. This helps limit potential losses if the price unexpectedly reverses and breaks back downwards.
Thank you.
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