GBPCAD broke and closed below the psychological level at 1.69000.
The market is trading in the descending channel.
Price is about to break the daily resistance because it bounced off it.
The market instead consolidated around this level, which means further potential moves.
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Potential ABC Correction with bearish divergence on 8 H on GBPCAD after break of trend line that indicates trend reversal to the downside as the next support as the profit target for the short trade
✅GBP_CAD will be retesting a support level soon at 1.6850
From where I am expecting a bullish reaction
With the price going up but we need
To wait for a reversal pattern to form
Before entering the trade, so that we
Get a higher success probability of the trade
LONG🚀
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Hello,Friends!
The BB lower band is nearby so GBP-CAD is in the oversold territory. Thus, despite the downtrend on the 1W timeframe I think that we will see a bullish reaction from the support line below and a move up towards the target at around 1.702.
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Hello everyone i want share my idea about GBPCAD.
At the pair on higher timeframe we first we had some pretty bullish movement which brake resistance at 1.685, for me that zone is interested price, for that i used my Fibonacci toll which helped me to identify this zone and if we look at the price movement we see some strong reaction first touch was aggressive...
FOREXCOM:GBPCAD is forming a trend change. The price is breaking the key support area and most likely the fall may continue within the channel.
The Canadian is strengthening a bit stronger than the pound sterling, which is losing ground on the background of fundamental politics.
On the chart we see the formation of a fresh descending channel, but the range...
GC is in a downward trend and a choch will determine if we go long or not. Using simple price action; there was a breakout and then retest to the first trendline, so we wait patiently for the breakout of the second trendline and then retest then we scalp Long
i see a great mid-term short position opportunity in GBPCAD , we are in swing's key entry point .
what do you think about this article ?
please share your opinion
We got a confirmed bearish trend change for GC (2 LL and 2 LH is what I look for to ensure I do not fall for the trap of a fake trend change!)
Now looking for trend continuation to take a short trade.
Waiting for at least a 50% retracement and price coming into the fair value gap (this is a must for my system!)- then we look for a bearish trend change on 15min...
