GBPCAD Two break-out levels.
GBPCAD reached the top of its multi-year Channel Down and got rejected, but found Support on the 1D MA50 (blue trend-line). Those two levels keep the price action neutral within a Triangle pattern.
The 1W MA300 (red trend-line) is right above the Channel Down and is in our opinion the buy break-out level, where you should go long and target the upper Resistances. On the other hand, every time the 1W RSI broke below its MA (yellow trend-line), the pair dropped. This is our sell break-out singal, with which we will target the 1D MA200 (orange trend-line).
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The 1W MA300 (red trend-line) is right above the Channel Down and is in our opinion the buy break-out level, where you should go long and target the upper Resistances. On the other hand, every time the 1W RSI broke below its MA (yellow trend-line), the pair dropped. This is our sell break-out singal, with which we will target the 1D MA200 (orange trend-line).
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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