A Quick Trade On GBPCAD!
Arslan Butt • 2 min read
I was seeing the GBPCAD pair for a while now and figured out a potential trade setup. As explained in my previous updates, today is going to be a volatile day as the officials from two central banks will be delivering a speech. Our focus is on Bank of England (BOE) Gov. Carney.
Mark Carney is scheduled to deliver opening remarks at the BOE's conference celebrating 20 years of independence, in London. It may drive all the Sterling pairs at 8:15 (GMT) today.
GBPCAD – The Overbought Currency Pair
Fellas, we are striving our best to cover the maximum instruments to ensure our readers get the best. I’m writing about GBPCAD cross for the very first time. So for a quick review, this pair is carrying a long-term bullish trend. The reasons behind this bullishness are a general weakness in the Canadian Dollar lead by weaker Crude Oil prices and stronger Pound.
GBPCAD – 4 Hour Chart – Triple Top Pattern
Let’s take a look at the technical side. On the 4-hour chart, we can see the pair is holding right below the triple top resistance area of $1.6730. The triple top pattern is considered as a reversal pattern. The Doji and Spinning Top candles below triple top area are indicating the neutral sentiment of investors. Check out FX Leaders Candlestick Trading Strategy to stay one step ahead of others.
Key Trading Level: 1.6647
GBPCAD – Trading Plan
I'm looking to enter a sell position below $1.6730 with a stop loss above $1.6765 and a take profit at $1.6665 and $1.6625. Good luck and trade with care.