GBPCAD Short term pullback for medium term move

Weekly Bullish Engulfing GBPCAD
Pullback support zones to watch, S1 1.6450, S2 1.6350
Bullish signals around these support zones would be better entry for move up to 1.7000

Fundamentals:
Pending BOE rate hike. Bank of Canada signalled rate hike has no pre-determined path.
Positive GBP if Brexit is smoothly transacted.
Positive economic data required to support move higher.

Disclaimer: This is not investment advice, trade your own ideas. Always practice good risk management. All the best!

Kommentera:

GBPCAD just pullback to 0.5 fib retracement, previous resistance (mid Sep) now turn support.
Daily is building up an intraday inner candle, hourly downtrend line broken. Watch for more bullish strength.