Watching this pair closely since I spotted what looks like a very significant top area, both in time and price. It's possible that GBPCAD will form an ending diagonal triangle and give us a great short opportunity in the coming weeks. The daily and weekly uptrend signals point to a top between the 9th and the 24th of July. It's also interesting to note that there's significant divergence in multiple timeframes, and the levels obtained with time at mode, linear regression channels, fibonacci extensions of wave 1 of this leg and a previous downtrend quarterly/monthly mode overhead resistance all match. If this analysis proves to be correct, we will get a great short opportunity. Will update with an entry.
Add this to the gbp index list of shorts.
In the other chart I posted we can see that something is about to pop in GBP overall.
We were discussing this with jangseohee, gbpnzd and gbpaud are the other main priorities on the short side.
Keep a close watch!
moorekapital
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Great Works. Always!
adriel.arrasmith
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I think after we put in that long 4 hour pin bar to form a double top/fake break we will now be topping. I'll be looking for a solid spot to short, targeting 1.885 area.
IvanLabrie
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I think there's one more leg up, same in GBPNZD.
I'm patiently waiting to short.
The current move down looks corrective, not a clean top.
IvanLabrie
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Interesting area, but I think there's pending upside still.
moorekapital
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IvanLabrie
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What is that rectangle?
I see a consolidation, not a top yet.
moorekapital
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Sure. it's a pause, that one. I'm expecting a trap to go long = a bear close below the box, countered by an immediate bull close inside the box. But Ultimately, i see higher prices too. There is a monthly coil whose release hasn't reached full extension yet.
IvanLabrie
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Second significant date reached.
Potential retracement levels and targets.
I wouldn't want to short the pound honestly...too dangerous.
In the other chart I posted we can see that something is about to pop in GBP overall.
We were discussing this with jangseohee, gbpnzd and gbpaud are the other main priorities on the short side.
Keep a close watch!