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Gbpcadshort

GBPCAD Bearish Trend Continuation!!! Just a small update from my previous post. I have shifted down a good sell zone for us to consider (1.7025-1.7120). So as we can see, GBPCAD managed to have a small bullish retracement which we can see testing the 61.8 fib area with a failure to test 78.6 fib area at the previous bearish movement. We can also see a rather strong resistance level @ 1.7070 price level where we could possibly increase our sell position. As of now, I can see GBPCAD obeying the 200 MA (Green Line) very well. Previously, we saw it breaking the 200MA heading downward without any retest which I will say current movement here show us a nice retest for the 200 MA, giving us an additional BEARISH outllook for this pair. Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
Short
by YGForex
What is a GOOD ENTRY for GBPCAD???From my previous analysis, we were able to predict a correct BEARISH movement from the formation of a h&s pattern with a breakthrough of the trend support level. After the breakthrough, we could see a strong BEARISH movement downward without any retest either the trend resistance or resistance @1.7255 price level. For now, I do not see GBPCAD having enough strength to retest trend resistance level but I could see a potential short term bullish movement which could bring price level up to 1.7255, testing the resistance level before continuing its BEARISH long term movement. It will be nice to see a nice rejection off 1.7255 before entering a sell. (Also a rejection off middle bollinger band if price level rejects from resistance) Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
by YGForex