This time I am looking for a short sell in GBPCAD.
After many days the pair was just ranging, but now a clear breakout has happened and also price broke below the 200 MA, which shows weakness.
From this point, I expect the market to continue down and my short targets are based on Fibonacci extension levels:
- First target around 1.8540
- If sellers stay strong, the next target is 1.8521
For me, this is a good setup to follow the bearish move after the range is broken.
After many days the pair was just ranging, but now a clear breakout has happened and also price broke below the 200 MA, which shows weakness.
From this point, I expect the market to continue down and my short targets are based on Fibonacci extension levels:
- First target around 1.8540
- If sellers stay strong, the next target is 1.8521
For me, this is a good setup to follow the bearish move after the range is broken.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.