GBPCAD - Bullish Continuation Signal
Updated
GBPCAD has been trading within a bullish channel on the weekly timeframe, recently awaiting key interest rate news to confirm its direction. The Canadian dollar saw a 25 bps rate cut yesterday, which has weakened it further, adding to the existing bullish momentum in GBPCAD.
Technically, a Cup & Handle pattern has formed near a key resistance level, indicating potential for continued upward movement. A break above 1.78849 would confirm a bullish continuation, providing a favorable buying opportunity. It is advisable to place a stop loss at the previous higher low to manage risk effectively.
Technically, a Cup & Handle pattern has formed near a key resistance level, indicating potential for continued upward movement. A break above 1.78849 would confirm a bullish continuation, providing a favorable buying opportunity. It is advisable to place a stop loss at the previous higher low to manage risk effectively.
Trade active
Entry TriggeredTrade closed: target reached
Target 1 Hit. Stop loss to breakeven.. waiting for target 2.
Trade closed manually
TP2 closed at breakeven
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