GBP W1 & CAD S1 On Our Live Forex Strength Vs Weakness Tables
Wed 13th September 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPCAD (Primary Focus Pair)
- GBPAUD (Covered In Video)
- CADCHF (Covered In Video)
Our Interest (pending order)/Open Interest (live position)
| GBPCAD (Short) | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Alert Set | 1.6950 | ||
| Entry Price | |||
| Stop Loss (Min) | |||
| Stop Loss (Max) | |||
| Profit 1 | |||
| Profit 2 |
Risk warning: Trading carries a high degree of risk. Read more here.
Before we get into GBPCAD we have placed two trades onto our Discord channel this morning, please watch Friday’s video which can be found here to see how to join in a few minutes.
Today we are discussing GBPCAD instead of GBPAUD as price comes into a key support zone, and our live proprietary forex strength vs weakness tables tell us that this market may continue lower.
The support zone in question is the 1.6900 level which can be seen on the H4 chart.
If this level were to breach to the downside it will open up an opportunity to see price trade much lower towards Daily (D1) support of 1.6700.
Currently the hourly (H1) shows us that price is in a strong downward trend, trading below the hourly (H1) 50 moving average.
We have set an alert at 1.6950 (prior H1 highs) to see if we get a bearish reaction around this minor resistance.
Technical Observations:
- GBP is W1 and CAD is S1 on the day traders table.
- Price is in a strong downward trend.
- A breach of the 1.6900 support would invite further selling pressure.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
