📊 Timeframe: Weekly (1W) | Current Price: ~1.8391
📈 Bullish Context:
Resistance at 1.8391:
Price is testing a strong supply zone (dark red area).
A breakout above this level could open the door to further upside.
Support at 1.8233 & 1.7677:
1.8233: Short-term support where buyers have stepped in.
1.7677: Major support level, previously tested multiple times.
📉 Current Outlook:
Price has aggressively moved up, breaking through previous resistances.
Approaching a critical resistance area, where rejection is possible.
If a rejection occurs, a retracement toward 1.8233 or 1.7677 could be seen.
📈 Trade Setups:
🔼 Long (Breakout Play):
Entry: Above 1.8400 with confirmation.
Target 1: 1.8600
Target 2: 1.8800
Stop Loss: Below 1.8230 to avoid fakeouts.
🔻 Short (Rejection Scenario):
Entry: Bearish rejection from 1.8391 with confirmation.
Target 1: 1.8233
Target 2: 1.7677
Stop Loss: Above 1.8450.
📌 Final Thoughts:
GBP/CAD is at a critical resistance; a breakout could lead to new highs.
A rejection would confirm a pullback toward support levels.
Key macroeconomic data may impact momentum and direction.
📈 Bullish Context:
Resistance at 1.8391:
Price is testing a strong supply zone (dark red area).
A breakout above this level could open the door to further upside.
Support at 1.8233 & 1.7677:
1.8233: Short-term support where buyers have stepped in.
1.7677: Major support level, previously tested multiple times.
📉 Current Outlook:
Price has aggressively moved up, breaking through previous resistances.
Approaching a critical resistance area, where rejection is possible.
If a rejection occurs, a retracement toward 1.8233 or 1.7677 could be seen.
📈 Trade Setups:
🔼 Long (Breakout Play):
Entry: Above 1.8400 with confirmation.
Target 1: 1.8600
Target 2: 1.8800
Stop Loss: Below 1.8230 to avoid fakeouts.
🔻 Short (Rejection Scenario):
Entry: Bearish rejection from 1.8391 with confirmation.
Target 1: 1.8233
Target 2: 1.7677
Stop Loss: Above 1.8450.
📌 Final Thoughts:
GBP/CAD is at a critical resistance; a breakout could lead to new highs.
A rejection would confirm a pullback toward support levels.
Key macroeconomic data may impact momentum and direction.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.