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Trading in the GBP/USD band

Trading in the GBP/USD band

This week the GBP/USD pair has seen the formation of a band with clear boundaries, with the support level at 1.51620 and the resistance level at 1.52600. For this reason, we’ll be looking for buy or sell signals when the pair approaches one of the boundaries of the band. In parallel with these boundaries, a much narrower band shaped up, with the point of support at 1.52 and that of resistance at 1.52400, so a buy or sell point could be found earlier, but I suggest launching positions not when the pair bounces off the narrow corridor, but when it breaks out of it.

I trade using techniques for the GBP/USD pair. Boundaries of the trading band are defined using the latest highs on the hourly chart.

USD/CAD

As for the USD/CAD pair, the 1.26 – 1.2350 band has shaped up, and a fairly important resistance level is 1.254. The buy level (1.16750) is gradually weakening as the trend has been fairly long and the pair has attempted many times to breach this boundary. For real trades I recommend considering only sell levels at 1.2370 and a lower one at 1.23500.

I trade using techniques for bands in the USD /CAD pair. The bounds of these trading bands are defined using the latest highs on the hourly chart.