GBP/CAD: possibility to short positions

23.02.2017 / 09:56

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Date: 23.02.2017
Currency pair: GBP/CAD
Time Frame: D1

Long-term downtrend. The price is at the top of the bearish channel and adjust to levels of diagonal resistance and 38.2% Fibonacci retracement.
Price Action: Pin bar diagonal resistance levels coinciding with 38.2% Fibonacci and 50SMA.

Indicators: CCI(50) is below zero and CCI(14) crosses 0 from top to down - a negative signal indicating a new bearish wave.

SL: 1.6500

In order to better market positioning and shortening the stop we wait for price adjustment to the closing price of the pin bar.

Alternative scenarios: if the price crosses the diagonal resistance and hold above it, most likely we will see growth of the pound against the Canadian dollar.

Junior_Trader_P_Milanov

Varchev Traders

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GBP/CAD: possibility to short positions

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