Gbpcad

Beginner Questions
1

The secondary trend of GBPCAD is sideways on charts. In its 4 hourly chart, the pair is not sustaining at higher levels and is likely to give break out at downside. Prices are consolidating with strong negative bias and its 30 and 200 DMA are also providing resistance to the prices supporting the further down-trend. If it breaks its support level of 1.9770 & sustains below it then it is expected to show further bearish movement in next few days.

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INDICATORS:-
In MACD
Prices are sustaining in the selling territory, supporting the down side movement in the market.
RSI - Prices are sustaining near selling territory, indicating the downside movement in the market.

STRATEGY:- GBPCAD is looking bearish on charts for next few session. One can go for sell on higher level strategy for this pair for intra day to mid term positions.

2

I’m not trading in GBPUSD, because this pair is not major. So I do not pay attention to this pair over time. Furthermore, traders who trade in GBPCAD, it can focus on analyzing. It also should pay attention to economic news from the UK and Canada.

3

Yep, it does look bearish across most time frames. Just waiting for catalysts from the UK CPI and jobs data to see if the momentum can be sustained or if a reversal is in order.