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Welcome to the first trading day of November!

If you’re looking to trade the pound, I’ve got a GBP/JPY breakout and GBP/CAD trend setup right here.

Better keep your eyes on these levels.

GBP/JPY: 1-hour

GBP/JPY 1-hour Forex Chart

GBP/JPY 1-hour Forex Chart

Higher lows and slightly higher highs… Why, that’s a rising wedge on Guppy!

Will it break out soon? And which way might it go?

This pair’s consolidation is getting tighter, so it might be bracing for a breakout anytime now.

Technical indicators seem to be hinting at a bullish move, as the 100 SMA is above the 200 SMA while Stochastic is pulling higher from the oversold region.

To top it off, the 100 SMA lines up with the bottom of the wedge to add to its strength as a floor. This means it could be a little more difficult for GBP/JPY to bust through support.

If this pair is able to break above the top of the wedge, a rally of the same height as the chart pattern might follow. Don’t miss it because it could last by more than a thousand pips!

GBP/CAD: 1-hour

GBP/CAD 4-hour Forex Chart

GBP/CAD 1-hour Forex Chart

Now here’s one for the more conservative traders out there!

If you’re hoping to catch a pound rally but waiting for bargain prices, here’s a retracement opportunity to look out for.

GBP/CAD is forming an ascending channel on its hourly time frame, and it looks like another test of support is in the works.

Using the handy-dandy Fib tool shows that the 61.8% level lines up with the channel support right around the 1.5500 major psychological mark.

A shallow pullback could already find buyers around the 38.2% Fib or the 50% level that’s in line with the 200 SMA dynamic support.

Moving averages suggest that the uptrend is more likely to resume than to reverse, as the 100 SMA is above the 200 SMA.

Also, Stochastic is turning higher from the oversold area with a bullish divergence to boot!