GBP/USD and GBP/CAD: Levels, Ranges, Targets

 

A common them runs through GBP pairs and its tough resistance lies ahead in terms of current prices. I’m not convinced to jump yet but I;m informing as to alerts and what I’m looking at in terms of the next trade set ups.

I like GBP/CAD, its a great pair accompanied by good movements but at current 1.7420, massive resistance ahead lies at 1.7493, 1.7553, 1.7569. From a daily perspective in current model, 1.7509 is not only a big break but GBP/CAD is out of range above 1.7383. Overall GBP/CAD is in a terrible location as any downtrend begins at 1.7245.

The current bottom is located at 1.7275, then comes 1.7245 and a drop off to 1.7225 and 1.7201. Short may be the way for GBP/CAD. Overall, I like GBP/CAD long because its price is extremely low but its not ready yet. Low price means GBP/CAD has potential to skyrocket higher.

GBP/USD. Most vital break is not only 1.3260 but the top of the daily point is located at 1.3282. Above 1.3260 then range becomes 1.3260 to 1.3371 and in no man’s land and its the same location for GBP/CAD.

GBP/USD bottom is located at 1.3146 and 1.3141 then a drop off to 1.3130, 1.3127, and 1.3107.

GBP/JPY above big line break is 135.60. GBP/NZD big break is 1.8178.

How about as I write, GBP/CAD dropped from 1.7431 to 1.7410, that’s 21 pips and half  of the 50 pip goal would’ve been done.

In the overnight, strategy is sell any rises in GBP pairs. The other recommendation is stay clear EUR/USD and cross pairs except EUR/INR.

Brian Twomey, Inside te Currency Market

 

USD/CAD: Levels, Ranges, Targets

Based on big candle drop, Profit taken on these trades in the 1.3140’s. 3 lots paid total 96 pips.

Now long again from 1.3146, take profit 1.3196 for 50 pips. Supports below located at Bottom 1.3075 then 1.3048 and 1.3052. Further below 1.2946 and built on base at 1.2687.

Big line break above 1.3318. How to achieve target is through 1.3175, 1.3184, 1.3188 then 1.3213, 1.3228.

I’m looking for other trades for today. We’ll count last CAD trade as 1 trade, 29 more to go. Maybe GBP/JPY offers an opportunity. I will look at GBP and crosses.

Brian Twomey, Inside the Currency Market.

USD/CAD: Levels, Ranges, Targets

 

USD/CAD is termed the ‘Loonie” and named after a bird. For further name info, go to the BOC currency museum.  USD/CAD is anything but loonie, it was born and constructed in design  to fly far and wide. Its a fascinating currency pair and a great pair to trade continuously.

The recommended sell last evening in the high 1.3220’s came at 1.3235, so far USD/CAD dropped 42 pips to 1.3193.

The vitals. The big break point above is located at 1.3394, up 18 pips from last evening and failed to mention 1.3376. The level at 1.3394 is protected by 1.3304 and 1.3346.

Break points on the bottom 1.3163, 1.3123 and 1.3108. Break points above first comes at 1.3224 and travels to 1.3289 at the peak. In between 1.3238, 1.3251, 1.3259, 1.3263, and 1.3289. These points were built in to stop the USD/CAD rise.

Further below much supports begin at 1.3096, 1.3080 then drops to 1.3020. Overall Supports 1.3042 and  1.2978 and these points are built upon a base at 1.2760.

Today’s bottom 1.3149 and the perfect long point for quick 30 pips or so. We may not see it until much later in the day, if we see it. USD/CAD is now way way overbought so sell is the way. Look for a 1.3199 sell point. Level 1.3163 must break first and a big point break to see USD/CAD much lower. Do or die at 1.3163.

I severely slept on my trades from yesterday. As it stands, 3 lots short at 1.3208, 1.3168 and ? 1.3170. Target for today is 1.3122 to 1.3102 and the bottom of the channel is located at 1.3096. Not sure we see lower 1.3100’s today. Last 1.3168 and 1.3170 wasn’t supposed to become actual. The overall plan yesterday morning was short 1.3219 to 1.3210 and target was around 1.3160 for the 50 pip targets, we saw 1.3138 and we should’v bailed with 70+ pips profit.

I have to complete 30 trades, 50 pips or better. So much more coming.

Brian Twomey, Inside the Currency Market.