Buy GBPCAD Triangle Breakout
Updated
The GBP/CAD pair on the M30 timeframe presents a potentially interesting situation with a bullish channel breakout pattern.
Potential Long Trade :
Entry: Above the broken resistance line of the channel, ideally around 1.7170 after confirmation.
Target Levels:
1.7244: This represents the height of the channel, measured from the apex (highest point) to the base (opposite trendline), projected upwards from the breakout point.
1.7272: This is a further extension of the upside target, based on the height of the recent price movement.
Stop-Loss: Place a stop-loss order below the broken resistance line of the channel, ideally around 1.7120. This helps limit potential losses if the price fails to break out and reverses downwards.
Thank you.
Potential Long Trade :
Entry: Above the broken resistance line of the channel, ideally around 1.7170 after confirmation.
Target Levels:
1.7244: This represents the height of the channel, measured from the apex (highest point) to the base (opposite trendline), projected upwards from the breakout point.
1.7272: This is a further extension of the upside target, based on the height of the recent price movement.
Stop-Loss: Place a stop-loss order below the broken resistance line of the channel, ideally around 1.7120. This helps limit potential losses if the price fails to break out and reverses downwards.
Thank you.
Trade active
CAD - CPI - Next 2 HoursNote
Trade closed: target reached
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