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GBPCAD confirmed our Bullish View but What's Next?

Thursday, September 14, 2017 11:56 AM GMT

GBPCAD confirmed our trading idea and it is still reversing to the upside. We had noted two intraday levels where we were expecting buyers to step in. The pair did bounce on those levels and broke out the falling wedge to the upside. It is currently retracing back after reaching 1.62 level. Reviewing the hourly timeframe, there is an important support zone between 1.604 to 1.60 levels. The confluence of Fibonacci levels, 200 SMA and upper side trend line of the wedge may offer a decent buying opportunity. If price closes below this zone, then it will negate the bullish intraday outlook.

Today's agenda includes major news regarding GBP pairs. Therefore, traders should be extremely careful with their trading decisions. We are expecting BoE Interest Rate Decision (Previous: 0.25%, Forecast: 0.25%), BoE Asset Purchase Facility (Previous: £435B, Forecast: £435B) and BOE Monetary Policy Summary.




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