Gbpcad triangle breakout done now ready to fall ( read caption )
This analysis shows the GBP/CAD currency pair on a 30-minute chart. It highlights a symmetrical triangle pattern breakout, indicating a potential bearish trend continuation. Key elements of the analysis include:
1. Triangle Pattern: The chart depicts a symmetrical triangle formation marked from points B to C, with a breakout at point D.
2. Breakout: The price breaks downward from the triangle pattern, indicating a bearish breakout.
3. Resistance Level: A horizontal resistance line is drawn near 1.79000, suggesting a price level that previously acted as resistance.
4. Falling Area: The chart identifies a "falling area" where the price is expected to continue declining.
5. Target: The target price level is marked near 1.76027, suggesting a possible support level or a price target for the bearish move.
6. Current Price: The current bid and ask prices are shown as 1.77234 and 1.77277, respectively.
The analysis suggests selling GBP/CAD, expecting the price to decline towards the target after the triangle pattern breakout.
1. Triangle Pattern: The chart depicts a symmetrical triangle formation marked from points B to C, with a breakout at point D.
2. Breakout: The price breaks downward from the triangle pattern, indicating a bearish breakout.
3. Resistance Level: A horizontal resistance line is drawn near 1.79000, suggesting a price level that previously acted as resistance.
4. Falling Area: The chart identifies a "falling area" where the price is expected to continue declining.
5. Target: The target price level is marked near 1.76027, suggesting a possible support level or a price target for the bearish move.
6. Current Price: The current bid and ask prices are shown as 1.77234 and 1.77277, respectively.
The analysis suggests selling GBP/CAD, expecting the price to decline towards the target after the triangle pattern breakout.
Trade active
Trade closed: target reached
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