GBP/CAD is losing ground

Read the article on FBS website

Trade idea

SELL 1.6100; TP1 1.6060; TP2 1.5980; SL 1.6120

GBP/CAD tried to recover in August, but its progress wasn’t very impressive. A “Dark Cloud Cover” pattern was formed on the W1. The declining 50-day MA is providing resistance at 1.6255. The decline below the last week’s lows in the 1.6135 area opens the way down towards 1.6060 (61.8% Fibo of the August advance) and 1.5980 (78.6% Fibo). Notice that there will be a lot of political challenges for the GBP in the upcoming days. The rise back above 1.6255 is needed to allow a retest of 1.6355 (August highs).

GBPCAD.png

FBS Analyst Team

Share with friends:

Similar

Latest news

Instant opening

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.