GBP/CAD trade idea: riding the bullish momentum

September 14, 2023 12:56 AM AEST | By Invezz

GBP/CAD trade idea: riding the bullish momentum — Image source: Invezz

Trading idea summary

Buy/sell asset: Buy GBP/CAD
Entry price: 1.68606
Stop loss: 1.68164
Leverage: 3x
Take profit 1: 1.69150
Take profit 2: 1.69800
Take profit 3: 1.70917
Timeframe: 1-2 week
Maximum profit: 4.11%
Maximum loss: 0.78%

GBP/CAD chart and technical analysis

GBPCAD has been dropping for the last couple of weeks and the price is reaching a major daily support level at 1.68606. Price will possibly retest the 1.68606 support level before heading for another major upward move.

Price is still Bullish on higher time-frames and the current drop is mainly just a pull-back. This level is a good area for a safe entry for buy trades. A bullish order block around the same area is additional confirmation for potential upward movement ahead.

The price will possibly reach the 1.70917 resistance level before making another drop.

GBP/CAD fundamental analysis

High-impact news (CPI) is due today on USD, however, it will not impact GBPCAD significantly. There will possibly be volatility for a short period of time, but will not impact the pair significantly.

GPB to CAD trade setup takeaway

My bias is bullish as price is still strongly bullish on the higher time-frames.
This entry will possibly get us into nice impulsive move.
I don’t expect the stoploss to hit, as it is placed considering the possible downside slippage and fake breakout.
Good luck

The post GBP/CAD trade idea: riding the bullish momentum appeared first on Invezz.

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