GBP/CAD - WAIT FOR BREAK-OUT - DOWNTREND INTACT
POTENTIAL TRADE: GBP/CAD (2H)
At the moment price action is consolidating. We have observed a sequence of lower highs and lower lows which indicates that the downtrend remains intact, despite a micro-trendline break-out. I will continue to watch this and wait for an impulse before entering any trade on this pair. Price is testing a key zone of micro buying demand. I am watching to see if we can get a break below this zone before entering short positions. If however we get a candle closure above the 1.750 level, this could indicate that we could see upside momentum.
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You must always use correct risk management when following any analysis.
Happy Trading!
At the moment price action is consolidating. We have observed a sequence of lower highs and lower lows which indicates that the downtrend remains intact, despite a micro-trendline break-out. I will continue to watch this and wait for an impulse before entering any trade on this pair. Price is testing a key zone of micro buying demand. I am watching to see if we can get a break below this zone before entering short positions. If however we get a candle closure above the 1.750 level, this could indicate that we could see upside momentum.
If you found this idea useful, leave a like and follow me for more analysis and trading signals.
If you have any questions, feel free to ask in the comment question. I respond to all comments!
You must always use correct risk management when following any analysis.
Happy Trading!
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