Forex $1 MM Challenge - Trade #18 (7-19-19) Sold GBP/CAD
Brexit is an abbreviation for "British exit," referring to the U.K.'s decision in a June 23, 2016 referendum to leave the European Union (EU). The process of Britain staying or not staying in the EU has caused a lot of uncertainty, which in turn has caused the British Pound to continue to drop in price.
Canada reported retail sales for May and reported an unexpected decline in sales as consumers cut back on purchases of groceries, alcohol and clothing. Sales fell 0.1% vs 0.3% increase. This past week, GBP/CAD has pulled back, but on this news, GBP/CAD spiked higher.
Monthly Chart (Curve Time Frame) - monthly supply is at 1.90000 and monthly demand is at 1.58000.
Weekly Chart (Trend Time Frame) – the trend is down.
Daily Chart (Entry Time Frame) – the chart suggests to short price at the daily supply at 1.64000.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.