GBPCAD sell
We have seen GBPCAD pierce it’s positive trend line recently - as with the majority of GBP pairs. The relative weakening of the pound has brought GBPCAD into a pending bear market. The descending triangle that I have identified has had its support base broken and retested multiple times today.
Reasons to take:
- Momentum is negative and downward facing
- Stochastics are below 50, downwards facing, oversold although %D is barely above %K.
- Price is below the daily EMA100
- Price has broken support on multiple timeframes
Entry: 1.66927
SL: 1.67692
TP: 1.6100
Reasons to take:
- Momentum is negative and downward facing
- Stochastics are below 50, downwards facing, oversold although %D is barely above %K.
- Price is below the daily EMA100
- Price has broken support on multiple timeframes
Entry: 1.66927
SL: 1.67692
TP: 1.6100
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