Short GBPCAD As Sharp Rally Runs Into Resistance
On GBPCAD, we're seeing:
1. A sharp rally that has now run into resistance, with today's candle being the first tentatively bearish candle since September 5
2. A 50% pullback from the swing high on August 5 to the Swing low on September 7
3. Price is just above the 50 SMA, and is well below the 200 EMA
4. Signs of GBP weakness and CAD strength are visible on other currency pairs as well
In light of these factors, I shorted GBPCAD at 8012, with my stop at 8128 and my target profit at 7616.
informedtrades.com
1. A sharp rally that has now run into resistance, with today's candle being the first tentatively bearish candle since September 5
2. A 50% pullback from the swing high on August 5 to the Swing low on September 7
3. Price is just above the 50 SMA, and is well below the 200 EMA
4. Signs of GBP weakness and CAD strength are visible on other currency pairs as well
In light of these factors, I shorted GBPCAD at 8012, with my stop at 8128 and my target profit at 7616.
informedtrades.com
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