GBPCAD: Bears taking control?

2020-03-01 10:01:34

The week started with a consolidation after a Bullish daily candle closed the Fri before. The Bulls continue its ascent on Tue but lost momentum losing all of its gain on Wed. Price consolidated for 2 days before making an assault early Fri that breaks 2 weeks high. But a strong Bearish impulse move late Fri basically wipe out all of the gain for the week. I see the Bullish break out as a fake out to trap the Bulls. Further evidence that convinced me that Bears is in control is that bulk of the volume on Fri is traded at the higher range and the Bearish impulse move basically took out the order block of the past 2 days before. Will be looking to sell the pull back to target Jan 2020 low.

DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

PRICE ACTION only tell half the story. The other key half is VOLUME. For VOLUME drive price.