There is a low risk to reward ratio associated with this trade, and while everyone is expecting GBPUSD to break the low, it is showing no signs of exhaustion, as there was a doji candle formed on Friday. If it breaks the low of Friday, then the trade and the open is invalidated.
GBPUSD is doing a retrace right now, and it had very odd price action. As you can see, it tried to test the resistance on multiple occasions, but never seeing luck. There is a very good opportunity to short it from here, as the risk to reward ratio is low. (stop loss above the daily highs)
GBPUSD is showing signs of losing momentum now, after the extremely bearish news. There has also been a bearish 15 min close. Now we can take a very good short and place our stop loss above the high of last Friday.
After GBPUSD touches 1.20000, it looks like it will have completed 3 touches on the downtrend. After, there is a possibility that it will trend up and break the down channel
GBPUSD really is looking to break the support that it's currently sitting at. When London opens, we can expect GU to sink and end the week in a red position. There is a tight stop loss to reflect on the current low volatility of the market.
CAD is gaining strength and it has just hit a key resistance point. The gold line I plotted is the resistance, and it closed perfectly on it, meaning that it will go down. Also, there is a double top.
There is a upwards channel, and it can't seem to break the support, as the 4 wicks have touched the support.
A tight stop loss can be placed under the wicks.
