GBPCAD and GBPUSD are having a correlation of 39.2%. So we are expecting a reversal as we already can see from the RSI that a divergence has been created and we are currently on a strong resistance on the Hourly time frame.
Plan:
1. We are going to wait for the candles to break the strong resistance and may be retest before we place a buy.
2. If We have a clear rejection from green candle followed by a red candle on the strong resistance, then we place a sell. (Though it is predicted that we will not have a strong downward trend before the upward spike because of the Brexit Trade Agreement Deal).
NB: If we are able to experience a retracement to the downward direction, place double the lot size when its time to buy.
Plan:
1. We are going to wait for the candles to break the strong resistance and may be retest before we place a buy.
2. If We have a clear rejection from green candle followed by a red candle on the strong resistance, then we place a sell. (Though it is predicted that we will not have a strong downward trend before the upward spike because of the Brexit Trade Agreement Deal).
NB: If we are able to experience a retracement to the downward direction, place double the lot size when its time to buy.
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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.