The GBP/CAD pair is trading in the red at 1.7015 at the time of writing but it continues to stay above strong support levels. In the short term, it moves somehow trying to accumulate more bullish energy. Technically, the pair stands right below a strong resistance area, that’s why the price needs more energy to be able to take out this obstacle.
Image Source: Pixabay
Surprisingly or not, the Pound dropped even if the BOE decided to hike its rate from 0.10% to 0.25% in yesterday’s monetary policy meeting. Unfortunately, the Omicron fear forces the GBP to depreciate, more restrictions or a lockdown could weaken the UK economy.
UK Retail Sales 1.4% Growth
Today, the United Kingdom Retail Sales indicator reported a 1.4% growth in November versus 0.8% expected and compared to 1.1% in the previous reporting period. Later today, the Canadian Foreign Securities Purchases could drop from 20.2B to 18.50B but I don’t think that it will have an impact on the GBP/CAD.
From the technical point of view, the GBP/CAD pair could still extend its upwards movement as long as it stays above the ascending pitchfork’s median line and if it makes a valid breakout above the 1.7123.
Free Forex Signals – Buy GBP/CAD At 1.7123
(Click on image to enlarge)
Free Forex Signals Entry Price And Takes Profit
- Instrument: GBP/CAD
- Order Type: BUY STOP
- Entry price: 1.7123
- Stop Loss: 1.6938
- TP1: 1.7401
- My Risk: 1%
- Risk / Reward Ratio: 1:1.5
Comments
Log in or sign up to join the conversation.