GBPCAD and the Middle East: Short Plan
Fundamentals:
Geopolitical tensions in the Middle East have increased the vulnerability for this pair. Oil should rise to $100, which is positive for CAD.
Technicals:
H&S pattern
dRd
Extreme short indicator
Weak retracement after a-b-c extension down
bands not impending the fall or causing confusion
Weekly BBT
Monthly chart bearish engulfing + med. pbs signal
Trade Plan:
Short GBPCAD, with a stop above weekly and monthly resistance
target 1.6090, the new support level and weekly low of February 2023.
Geopolitical tensions in the Middle East have increased the vulnerability for this pair. Oil should rise to $100, which is positive for CAD.
Technicals:
H&S pattern
dRd
Extreme short indicator
Weak retracement after a-b-c extension down
bands not impending the fall or causing confusion
Weekly BBT
Monthly chart bearish engulfing + med. pbs signal
Trade Plan:
Short GBPCAD, with a stop above weekly and monthly resistance
target 1.6090, the new support level and weekly low of February 2023.
Trade active
Note
3u3 is very bearish: The price should fall this week.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.