Dear traders,

Last time I wrote about USDCAD.

The pair did not gather enough strength to move lower and hence has continued its move higher.

The inside bar on the daily was rejected and thus not confirmed for a short entry.

Currently, USDCAD is playing with the 1.3700 barrier.

It looks neutral and I am not looking to enter into a trade.

GBPUSD Trading Analysis 03.09.2023

Today, I am looking at the GBPUSD pair.

There was a three-day bearish engulfing pattern on the daily chart.

It looks like we might see more selling ahead.

Before that happens, I would like to see the price re-testing the 1.2625 level.

I would ideally like to see a 4H bearish confirmation candlestick.

If this does not happen, we can alternatively see the price testing the most imminent support level at 1.2550 and then bouncing back up again.

Depending on where the price goes first, I will be looking to potentially either go short or go long.

Until then, I will be waiting patiently.

Happy trading,

Colibri Trader

Have you checked my article on 7 Pullback Trading Strategies?