Since the bottom just above 1.4 in September, GbpCad has risen strongly, gaining around 2.8k pips.
At this moment, however, the pair is facing a very strong resistance zone, a zone that acted as support for more than 3 years till the break under it in this year's spring.
I expect this zone to hold and cap gains for the pair in the future and if this holds true,...
Price make a nice change of character and confirmation from the big green candle there so i may took a trade in this pair. Always remember to took a trade with your own money management !!!
GBPCAD is position at price @ 1.6837 for a bear run .
With price around @ 1.7048 I see a bearish move to the downside with a target at price @1.6853 and price @ 1.6837
I am bearish until the price reaches @ 1.6837
Good Luck Traders.
expecting a bullish leg to complete a 5 motive wave on this chart.
If you like our analysis and want more, kindly like , follow and share with others, feel free to comment and give your ideas also.
Thanks
With over 170pips in our direction since my last publication (see link below for reference purpose), the British Pound appears to begin a new wave of Bullish run as it completes a 50% retracement at Demand zone (neckline) since Breakout occurred at the beginning of the month (July 2020).
Tendency: Uptrend ( Bullish )
Structure: Double Bottom...
GBPCAD is in very good position to give us around 200 confirm pips but you have to wait until it breaks its resistance at 1.75076 and when it retest there will be 100% confirm buy entry you can enter with normal lots and you can take profit at 1.77264
