Partner Center Find a Broker

Welcome to the middle of the week, forex warriors! Whether you’re into major dollar pairs or currency crosses, I got yo back with these legit setups on GBP/USD and CAD/JPY!

CAD/JPY: 1-hour

CAD/JPY 1-hour Forex Chart
CAD/JPY 1-hour Forex Chart

After hitting resistance at the 84.50 area, CAD/JPY looks ready to retest the 83.85 zone. As you can see, it lines up with not only a 38.2% Fib retracement, but also a previous resistance area.

Are Loonie bulls waiting at the level? The pair is still 20 pips or so away from a retest, so you can still whip up a trading plan if you’re planning on taking advantage of this one.

If you believe that CAD/JPY will find enough support at 84.00 before going higher, then you can also buy at the first signs of bullish momentum. Think CAD/JPY is in for a deeper retracement? Watch how the pair reacts to them Fibs and be ready for other retracement opportunities!

GBP/USD: 4-hour

GBP/USD 4-hour Forex Chart
GBP/USD 4-hour Forex Chart

Cable is confined in a descending triangle, yo! Not only that, but it’s also testing the big 1.3000 support that’s near a resistance level from late 2019.

Breakout traders can wait for the pair to trade below the 1.2965 zone and aim for a move back to the 1.2800 levels.

If you think that THIS descending triangle will result in an upside breakout instead, then you can watch out for a break above the trend line and aim for a retest of the 1.3200 and 1.3400 previous resistance levels instead.

Whichever bias you’re trading today, make sure you’re using your best risk management practices when you execute them trading plans!

Forex Chart Settings:

Slow Stochastic: 14,3,3
100 SMA: Blue line
200 SMA: Red line