GBPCAD – Buyers to test higher high first
GBPCAD – Buyers to test higher high first
Trend: Buy/ Neutral
Support/Resistance:
R2: 1.72171
R1: 1.70660
S1: 1.68964
S2: 1.67298
Price action:
Price action give us information about flow of the market and understanding psychology of the market. So this trade is handling with buyers channel, which meand buyers are stronger in this case then sellers. On the other side, sellers were tested buyers power, which gives us a bit risky information about this trade. But because we know Gbp currency market is very powerfull at the moment, we can see potencial target to the last Higher High level at 1.70660. If we break this level, then next target is higher at 1.72171 level.
If buyers are not ready for that strong try, then sellers will maintain price around support level at 1.67298.
Potencial trade idea:
Bulls targets:
T1: 1.70660
T1: 1.72171
Bears targets:
T1: 1.67298
NOTE – We are trading GBPCAD via the preferred trading setups
ELITEFXACADEMY
Trend: Buy/ Neutral
Support/Resistance:
R2: 1.72171
R1: 1.70660
S1: 1.68964
S2: 1.67298
Price action:
Price action give us information about flow of the market and understanding psychology of the market. So this trade is handling with buyers channel, which meand buyers are stronger in this case then sellers. On the other side, sellers were tested buyers power, which gives us a bit risky information about this trade. But because we know Gbp currency market is very powerfull at the moment, we can see potencial target to the last Higher High level at 1.70660. If we break this level, then next target is higher at 1.72171 level.
If buyers are not ready for that strong try, then sellers will maintain price around support level at 1.67298.
Potencial trade idea:
Bulls targets:
T1: 1.70660
T1: 1.72171
Bears targets:
T1: 1.67298
NOTE – We are trading GBPCAD via the preferred trading setups
ELITEFXACADEMY