Welcome trading legends,
In this blog, we’ll be trading the USD/CAD asset using the signals provided by the Tools Trades website and the IQ Option broker. Be sure to stick to the end of the video as I’ll be sharing a special promo code with you.
Allow me to explain why I’m trading this particular asset.
BRITISH POUND OUTLOOK:
After a strong run higher, the British Pound may be due for a period of pullback, if not consolidation, before further gains. But longer-term technical studies suggest more strength for Sterling.
Reaction to the UK Spring Budget was muted among the major GBP-crosses, not a surprise was given that the contents of the budget are known ahead of the official parliamentary unveiling.
The latest shifts in retail trader positioning suggest different biases among the major GBP-crosses.
UK SPRING BUDGET A REASON TO PAUSE
The red briefcase has made its first bi-annual appearance of 2021, with UK Chancellor of the Exchequer Rishi Sunak delivering the UK Spring Budget. You can read my colleague Justin McQueen’s notes on the UK Spring Budget here. Overall, the reaction to the UK Spring Budget was muted among the major GBP-crosses, not a surprise was given that the contents of the budget are known ahead of the official parliamentary unveiling.
Now, as global bond yields tick higher, forcing investors to reassess their asset allocation decisions, the trading conditions that help prop up the British Pound have changed. But after a strong run higher, the British Pound may be due for a period of pullback, if not consolidation, before further gains. Longer-term technical studies suggest more strength for Sterling, even if various GBP-crosses trade sideways or lower in the near-term.
GBP/USD rates hit fresh yearly highs at the end of February but quickly came back to their moving averages when the US Treasury yield spike gave the greenback some legs. Nevertheless, our condition for a longer-term bottom has been met, with the pair “ “breaching 1.3539 and sustaining a breakout move higher would indicate a long-term bottom has formed in GBP/USD rates.”
This all made a nice day for a Forex Signal from Tools Trades.
As you can see the signals from the Tools Trades website have worked!
The promo code that you see on the screen will give you more trading signals if you use them on the Tools Trades website.
Be sure to watch my other videos on the channel and read the blog page so you learn more. If you want more videos like this be sure to like and subscribe. Thanks for watching and
May the Forex be with you.
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