GBP/CAD Sell Trade Idea
Technical Analysis:
Resistance Level: GBP/CAD has reached a strong resistance , which has been tested multiple times without a breakout. Sellers have shown strength at this level.
Candlestick Pattern: A potential Bearish Engulfing pattern has formed on the 4-hour chart, suggesting a possible reversal from the current resistance.
Indicators:
RSI is approaching the overbought zone, currently around 70, indicating that the pair may be overextended.
Fundamental Analysis:
Ongoing concerns around the UK economy and uncertainties regarding the Canadian dollar due to oil price fluctuations make the case for a weaker GBP and stronger CAD in the near term.
Risk Management:
Ensure to adjust the position size according to your risk tolerance and keep your risk below 1% of your total capital.
Resistance Level: GBP/CAD has reached a strong resistance , which has been tested multiple times without a breakout. Sellers have shown strength at this level.
Candlestick Pattern: A potential Bearish Engulfing pattern has formed on the 4-hour chart, suggesting a possible reversal from the current resistance.
Indicators:
RSI is approaching the overbought zone, currently around 70, indicating that the pair may be overextended.
Fundamental Analysis:
Ongoing concerns around the UK economy and uncertainties regarding the Canadian dollar due to oil price fluctuations make the case for a weaker GBP and stronger CAD in the near term.
Risk Management:
Ensure to adjust the position size according to your risk tolerance and keep your risk below 1% of your total capital.
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