The Great Britain Pound has been gaining strength following the NO by the Scotish people regarding becoming independent. Some opportunintes to buy GBP are available against some currencies, where it is not overbought yet.
Looking at the markets it can be seen that GBP is gaining against every currency besides the USD. In most cases it is overbought. Even in the case of USD is only 1 indicator more pointing USD so GBP may be either retracing agains USD, or potential reversal.
Therefore not a good idea to go against GBP now, but perhaps need to time any potential long trades.
GBPCAD (H4) BUY
The Trend/Wave/Extreme mini indicator is showing
- The Trend Bar is Green filled pointing Up Trend
- Extreme bar is Red while Wave bar is neutral pointing a down correction that may have finished
- A solid UpTrend Line
- Looks like up trend is resuming based on the 3 consecutive up candles
Read about the Trend/Wave/Extreme system here