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Gbpcadforecast

GBPCAD | WEEKLY PERSPECTIVEWith over 170pips in our direction since my last publication (see link below for reference purpose), the British Pound appears to begin a new wave of Bullish run as it completes a 50% retracement at Demand zone (neckline) since Breakout occurred at the beginning of the month (July 2020). Tendency: Uptrend ( Bullish ) Structure: Double Bottom | Correction Observation: i. A correction into the neckline (Demand zone @ 1.69500) of my Double Bottom incites a possible uptrend continuation in the following week as price makes new Support.. Trading plan: BUY confirmation with a minimum potential profit of 300 pips. Risk/Reward: 1:2.5 Potential Duration: 4 to 10 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. NirvanaForex Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
GBPCAD | WEEKLY FORECASTA similar scenario with GBPJPY: after hitting a Double Bottom in June 2020, The Pound began to build a Reversal structure this month (July 2020) as it Breakout of the neckline (1.69750 level) last week. Tendency: Temporary Uptrend ( Bullish ) Structure: Double Bottom | Support & Resistance Observation: i. Our Double bottom describes a change in trend which emphasizes a momentum reversal from prior Bearish price action. ii. A Breakout off of respected Resistance Key Level (since mid-June 2020) in the latter part of last week. iii . Expecting a Trend continuation after completion of Retracement of Impulse leg that led to Breakout of the neckline. NB: A Breakdown of 1.67700 might render this setup invalid Trading plan: BUY confirmation with a minimum potential profit of 350 pips. Risk/Reward: 1:2.5 Potential Duration: 1 to 7 days NB: This speculation can be considered to make decisions on lower timeframes. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment. NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Long
by darcsherry
GBPCAD: Bearish Targets Once It Breaks Trendline Support1. GBPCAD bounced from the falling channel's resistance 2. A weekly close below the critical support & resistance of 1.7250 area 3. Hidden Bearish divergence in play to push it further down 4. Now it's holding the rising trendline support Trade Idea: Sell trade will be triggered on a break of the rising trendline and successful retest as a resistance. Target 1 is 1.6620 Target 1 is 1.6280 Invalidation: Break above the resistance of 1.7250
Short
by moneytize