GBP/CAD

GBP/CAD Bearish Channel Still in Play

Dear Traders,

The GBP/CAD is bearish. However, the GBP has recovered a bit and bears need to keep the price below 1.7105.

If bears manage to keep the price below the ATR projected high, we might see another leg down. The POC zone is 1.7050-60 and rejections off that zone should bring the price down. We can see that the market is still following the zig-zag pattern and we should see a drop. Targets are 1.7020, 1.6990 and 1.6960. Only a move above 1.7105 will be a potential trend change in the pair.

The Analysis has been done with the CAMMACD.Core and Sit Systems

 

Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.