GBPCAD Long...seeing how far this rally goes!

The market was closed in the US on Sunday, when the initial risk off rally was taking place in Europe. While reviewing charts, I was looking to see what currency was weakest against a European currency and could possibly have legs for a sustained move. I settled on thew GBP/CAD due to the large move the prior week. From this chart, you can see that GBP/CAD is heading into weekly resistance. That being said, if the pair reaches the red resistance line, I'm looking at a 200 pip move. I entered early this morning at .7323. There is heavy resistance coming up, however, that means there are also plenty of stops. If this pair reaches .7600 and breaks through those stops, it could reach the 1.8700 handle. First things first, though. I'll take this one day at a time.

تعليق:

On the GBPCAD long, my initial target of 200 pips has been reached. I'm still long and I won't exit the position until I get a confirmed reversal signal. A daily close below the prior day open will see me exit.