GBPCAD - A potential shorting opportunity to 1.79 zone
I am favoring a move lower in GBPCAD since price is at a major resistance zone.
I can also observer a hidden bearish divergence (price made a lower high while stochastic is making a higher high).
Stochastic is also in the overbought zone.
** Given the drop in OIL prices, GBPCAD may still rise to 1.85 zone. So, I will drop to the H4 & H1 time frames to try to see bearish signs (i.e. bearish candle stick formations, H&S patterns, etc.) before shorting.
** No trade is taken until now
I can also observer a hidden bearish divergence (price made a lower high while stochastic is making a higher high).
Stochastic is also in the overbought zone.
** Given the drop in OIL prices, GBPCAD may still rise to 1.85 zone. So, I will drop to the H4 & H1 time frames to try to see bearish signs (i.e. bearish candle stick formations, H&S patterns, etc.) before shorting.
** No trade is taken until now
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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.