GBPCAD, short-term potential +/- 200 pips on short set-up

A potential short trade is busy setting up for this coming week starting on 12 November 2018.

FUNDAMENTAL
Fundamentals will probably support a weaker GBP.
Economic red news releases include GBP: cpi, retail sales and inflation reporting.
Should all of or most of these news items be negative for the GBP, a definite GBP weakness will be experienced.
Note: no significant news releases scheduled for the CAD.

TECHNICAL
Price appear to be oversold on the 4hr chart.
The Ichimoku indicator on the 1hr chart show further weakness.
It therefore imply a potential short position is in the making that might produce +/- 200 pips.

See potential price levels for entry, profit taking and risk management on chart.

Remember, anything can happen.

Happy trading

Kommentera:

Well folks!, there you have it, the GBP political situation added fuel to this short trade idea. Target reached sooner rather then later.

Happy trading