GBPCAD Still Finding Support

FX:GBPCAD   British Pound / Canadian Dollar
We last posted on the GBPCAD on March 23rd when price had pulled back to a pivot support level .

5 days on and we can see there has been little change in price. However, the positive that we can take from this is that this pivot support level is holding strong.

If we look at the structure of the trend from January when priced bounced off the daily 200SMA, we can see that breather areas and pullbacks are a feature of this trend. This is why allowing a trend to establish itself is, in fact, very useful as it not only confirms a direction to the market but it also tells you want kind of trend structure you are dealing with.

If it is a fast moving trend, then we enter and compound in a particular way.

If it is a slow moving trend, then we enter and compound in a very different way.

The GBPCAD still very much has a bullish bias to it but there are times when we apply patience and wait for price to dictate a trend continuation in the form of a breakout. This is a perfect example.

We are still waiting for the March high to be broken, just as we were on last blog on March 23rd. As long as this pivot support level holds strong, and price stays above 1.8000, the chances of a breakout to the upside are very much in our favour.

Patience for now.

Any comments or questions, do not hesitate to leave them below. Hit agree if you share our sentiments!

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