GBPCAD is already hovering in premium levels facing a rounding top resistance area after buyers’ 1.80 target exhaustion lacking conviction.

As a result, my July 23’s long trade plan has exited in loss after holding for 5 days and 23 hours:

https://www.finlogix.com/analysis/20240723/gbpcad-intraday-analysis-and-trading-plan-for-july-23-2024

There are 5 high impact economic reports in the United Kingdom while only 1 in Canada this week.

Re-assessing GBPCAD’s high timeframe candles:

Yearly Candle: Still a Green Body with a Longer Tail Wick since last check

Monthly Candle: Still a Green Body since last check but with a Longer Head Wick

Weekly Candle: Previous close is a Green Body with a Longer Head Wick current is a Green Long Lower Shadow

Daily Candle: Previous close is a Green Long Lower Shadow current is a Red Body with a Longer Head Wick

In today’s trade analysis, my retracement points of view will be the swing low to high moves from July 19-24.

GBPCAD stayed within the swing moves boundaries creating a sideway consolidation.

However, there is a buying exhaustion on the 1.80 key resistance level target which I’m seeing a rounding top supply area.

I have included a new 4H bullish FVG target if PD arrays move to the sell side liquidity levels.

Short positions are advised to place tight stop loss within the 1.79-1.80 range while longs should at least wait for the 50% fib retracement level at least but I doubt it will hold as more selling pressures may come in.

The previous 4H candle is a small doji that is ready for either a move down or up.

After my previous long got swept in yesterday’s swing low, today’s trade plan is to enter a short position targeting the 50% area of the 4H bullish FVG below with a stop loss just a few pips above last week’s high.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

All trade ideas I share are my own views and for my own trades only.

GBPCAD Intraday Analysis and Trading Plan For July 30, 2024

Jul 30 2024

Stop Loss -0.34%

Holding time 25d12hr

1.78103

Entry price

1.78713

Stop loss price

1