Whether you’re into short or long-term trades, I got yo back today with these hot forex trade opportunities on GBP/USD and GBP/CAD. Check ’em out!
Remember that Fib retracement play that we spotted a couple of days back? Well, it looks like it was good for a couple of pips. Until it eventually turned lower, that is.
Today Cable is lollygagging just above 1.4050, which isn’t surprising since it’s near a 61.8% Fib retracement, rising trend line, and 200 SMA support.
Think the pound will soon go back to its January highs near 1.4350? Buying at current levels could get you a good reward-to-risk ratio especially if you place your stops just below the trend line.
If you think the bulls have done their best this week, though, then you could also wait for a break below the trend line and trade a downside breakout, instead.
Not a fan of the pound? Here’s a nice and simple range play for ya! GBP/CAD just bounced from the 1.7500 handle, which had been an area of interest for the pair since mid-2016.
Stochastic looks like it’s about to leave overbought territory, so y’all better whip up your trading plans quickly if you’re planning on trading this setup.
Shorting at current levels could still give you decent pips especially if you place your stops just above 1.7500 and aim for the mid-range levels near 1.6800 or even the bottom of the range near 1.5950.
Don’t place your stops too close to your entries, though, as currency crosses like these can see volatility like nobody’s business. Keep your risk management skills sharp, will ya?