Wednesday, June 21, 2017

GBP/CAD Upside

GBP/CAD is showing a bullish push with today's candle currently looking to close as a bullish engulfing. If today's candle closes as a bullish engulfing we will be looking for price to show a retracement up to the 1.70400 resistance area highlighted in blue. It is advisable to stay away from this market until the 1.70400 area, as it is still looking shaky and unstable. It would be better to wait to see bearish price action at this area for a shorting opportunity.

If we are able to see a bearish rejection from the 1.70400 area then we will look for a short down to the 1.66666 support, with the second target being the next support at the 1.64000 area. This market is currently bearish, predominant sentiment remains bearish and it would take news heavily in favor of the Pound Sterling in order for market participants to go long this pair.

Chart: GBP/CAD D1




7 comments: