It’s all about the pound on today’s canvas, as we play around with forex trading opportunities on EUR/GBP and GBP/CAD. Check ’em out while they’re hot!
GBP/CAD looks like it’s about to break above the 1.7100 major psychological handle, which is right around a falling trend line that hasn’t been broken since mid-March.
What makes the level more interesting is that it’s also near a 50% Fib retracement AND the 100 SMA on the daily time frame.
Think the pound is about to see losses against the Loonie? Or will the bulls have enough momentum to push GBP/CAD back up to the 1.7600 previous resistance area?
Watch this one closely, and make sure y’all have your trading plans ironed out if you’re planning on trading either scenario!
Fakeout alert! EUR/GBP wasn’t able to sustain its “breakout” from a long-term range and now it looks like it’s headed fast for the .8850 mid-range area.
The level happens to line up with a 61.8% Fib retracement as well as the 100 and 200 SMA on the chart, so we might see some support if and when the pair hits the area.
You could aim for the previous highs near .9000 if you think that the euro will go back up after seeing some pullback. If you’re one of them pound bulls, however, then you might want to take advantage of the current momentum and take profits at the earliest signs of consolidation.
Whichever bias you choose to trade, make sure you practice good risk management practices, aight?