GBPCAD: Indecision & Two Scenarios Explained 🇬🇧🇨🇦
Updated
Hey traders,
GBPCAD is approaching an important daily resistance cluster.
Depending on the market reaction to that structure I see two potential scenarios:
- Bullish
In case of a daily violation (daily candle close above) of a yellow zone,
I will expect a bullish continuation to 1.75 level. - Bearish
In case of a bearish breakout of a rising parallel channel on 4H,
a pullback will be expected to 1.72
(note that if the price will go above the underlined yellow resistance, the setup will be invalid)
Wait for the needed breakout & follow the market!
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Note
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