GBPCAD | WEEKLY FORECASTA similar scenario with GBPJPY: after hitting a Double Bottom in June 2020, The Pound began to build a Reversal structure this month (July 2020) as it Breakout of the neckline (1.69750 level) last week.
Tendency: Temporary Uptrend ( Bullish )
Structure: Double Bottom | Support & Resistance
Observation: i. Our Double bottom describes a change in trend which emphasizes a momentum reversal from prior Bearish price action.
ii. A Breakout off of respected Resistance Key Level (since mid-June 2020) in the latter part of last week.
iii . Expecting a Trend continuation after completion of Retracement of Impulse leg that led to Breakout of the neckline.
NB: A Breakdown of 1.67700 might render this setup invalid
Trading plan: BUY confirmation with a minimum potential profit of 350 pips.
Risk/Reward: 1:2.5
Potential Duration: 1 to 7 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
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Past performance is not necessarily indicative of future results.
