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The British Pound has rallied quite strong over the last few weeks. The major catalyst was the elections last week, we saw some follow through with decent data coming from Great Britain this week.
The rally has caused the GBPCAD to come back and test the 50%Fib of the last leg down. We are starting to see the strong momentum die down a bit, which can be seen as Daily Doji in the making.
Other Pound pairs have made some significant breaks during this same time period. The GBPNZD for example has broken to multi year highs. If the pair is able to sustain these levels for the week, it would make a bullish break of it's weekly channel, as indicated in the chart below.
The GBPUSD has also made a significant move. The chart below illustrates a break of it's monthly trendline as well as major resistance which comes in at 1.550 where a previous high was made in Feb. The pair now trades at 2015 yearly highs.
There may still be an opportunity for some short scalps in GBPCAD, but with the significant breaks outlines above, caution would need to be exercised taking any trades to the short side in the Sterling. The 1 Hour chart below shows that the pair may be operating in a wedge, or possibly a channel. The smaller time frames here, may prove some forwards guidance as to which way the pair breaks next.
The rally has caused the GBPCAD to come back and test the 50%Fib of the last leg down. We are starting to see the strong momentum die down a bit, which can be seen as Daily Doji in the making.
Other Pound pairs have made some significant breaks during this same time period. The GBPNZD for example has broken to multi year highs. If the pair is able to sustain these levels for the week, it would make a bullish break of it's weekly channel, as indicated in the chart below.
The GBPUSD has also made a significant move. The chart below illustrates a break of it's monthly trendline as well as major resistance which comes in at 1.550 where a previous high was made in Feb. The pair now trades at 2015 yearly highs.
There may still be an opportunity for some short scalps in GBPCAD, but with the significant breaks outlines above, caution would need to be exercised taking any trades to the short side in the Sterling. The 1 Hour chart below shows that the pair may be operating in a wedge, or possibly a channel. The smaller time frames here, may prove some forwards guidance as to which way the pair breaks next.
