Paun British / Dolar KanadaPanjang
GBPCAD: Need a catalyst
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I am looking for a short squeeze above that last high, but only if the highs are breached beyond the 1.6929 area.
If not and a brake down occurs, I have my orders around 1.0753 near the slower trendline. This poses a good reward/risk scenario, as well.
The consensus is that rates will fall 25 basis points for the UK on Thursday. This would be bad for GBP. Looking at the monthly chart, there is more room to the down side, but from the looks of it, GBP may briefly move up for several days to gain enough steam to push down again. Possibly 500 pips upward. If I am wrong, then I will take an 80-100 pip loss. If I am filled, and correct, then I win over 500 pips.
If not and a brake down occurs, I have my orders around 1.0753 near the slower trendline. This poses a good reward/risk scenario, as well.
The consensus is that rates will fall 25 basis points for the UK on Thursday. This would be bad for GBP. Looking at the monthly chart, there is more room to the down side, but from the looks of it, GBP may briefly move up for several days to gain enough steam to push down again. Possibly 500 pips upward. If I am wrong, then I will take an 80-100 pip loss. If I am filled, and correct, then I win over 500 pips.
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Nota
That's enough for me!! I am getting out this LONG of GBPCAD!!!
Penafian
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