Week 28 GBPCAD: Bullish
Updated
Overall structure is still bearish. However, COT data is suggesting CAD weakening (XXX/CAD bull), therefore I am bull-bias. Due to the structure being bearish, I am expecting the price to fall further before any up move and break the support at 1.6515.
There are 2 supporting levels to note:
1) 1.6415
2) 1.6247
To enter long, I am more than happy for price to fall lower.
There are 2 supporting levels to note:
1) 1.6415
2) 1.6247
To enter long, I am more than happy for price to fall lower.
Note
Price has reached my first support level. Let's observed what will happen from here. Canadian Bank raised overnight rate, expect CAD to strengthen. Therefore I am not that bullish anymore.I am though expecting the price to be ranging in this trench before moving a direction, be it up or down.
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