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GBP/CAD Sellers are Waiting in the Ambush

By:
Nenad Kerkez
Published: Feb 1, 2021, 08:42 GMT+00:00

The GBP/CAD is having a retracement. The price is getting close to overbought levels and we could see a drop soon.

GBP/CAD Sellers are Waiting in the Ambush

In this article:

The GBP/CAD is having a retracement. The price is getting close to overbought levels and we could see a drop soon.

As the price progresses towards the 88.6 and the trading zone we could see some momentum on an intraday basis. 1.7605-7625 is the zone where I will be looking to sell, provided that the price slowly grinds towards the POC. Targets are 1.7538 followed by 1.7449 and 1.7405. Only a clear breakout above 1.7655 will make this scenario invalid.

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For a look at all of today’s economic events, check out our economic calendar.

Cheers and safe trading,

Nenad

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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