hello everyone :))
The trade still looks bearish on higher time frames. The 12-hour TF is forming a bearish engulfing candlestick and attempting to cross MA 20, which is a strong indication of bearish bias. Price action on 1-hour is also indicating GBP selling pressure since it broke the uptrend with a bearish engulfing formation, crossing all the moving averages. Both currencies are being bought, but the price action and the setup are looking strong for a sell. Tomorrow, CAD retail sales data will be released, which could influence market direction.
The trade still looks bearish on higher time frames. The 12-hour TF is forming a bearish engulfing candlestick and attempting to cross MA 20, which is a strong indication of bearish bias. Price action on 1-hour is also indicating GBP selling pressure since it broke the uptrend with a bearish engulfing formation, crossing all the moving averages. Both currencies are being bought, but the price action and the setup are looking strong for a sell. Tomorrow, CAD retail sales data will be released, which could influence market direction.
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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.