Since April 22, we have seen the price increase and the value of the pound against the Canadian dollar, after hitting 1.7600, the price changed direction and the upward trend turned into a downward trend, with the start of today's market, the pound is weakening against the canadian dollar. we have several scenarios ahead of which we are evaluating the most probable ones. The first scenario that I personally prefer: the price returns to the area between 1.7500 and 1.7600 and forms a double bottom in the area of 1.7600, then we can look for a suitable price to enter the short in the same area. The second scenario: expect a small correction to the 1.7450 -1.7470 area, then the short trade can be considered probable, and the two Fibonacci areas of 61 and 50% will be the price targets for the second scenario.
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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.