- GBPCAD is on a strong DOWNTREND on the higher time frames.
- The weekly has broken through the previous low and a new bearish engulfing candle is currently developing.
- On a 4-hourly TF, we are seeing the closure of a bearish engulfing candlestick while all MA20-50 & 100 are trending above the price, suggesting bear pressure.
- Hedge funds are also selling off GBP, while CAD is increasing. So the overall setup looks good for a short trade opportunity.
- The weekly has broken through the previous low and a new bearish engulfing candle is currently developing.
- On a 4-hourly TF, we are seeing the closure of a bearish engulfing candlestick while all MA20-50 & 100 are trending above the price, suggesting bear pressure.
- Hedge funds are also selling off GBP, while CAD is increasing. So the overall setup looks good for a short trade opportunity.
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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.