GBP/CAD is showing signs of exhaustion after a strong rally. Price has hit resistance around 1.87, and rejection at this level aligns with my short setup.
🔹 Reasons for the Short:
✔️ Price struggling to break above key resistance.
✔️ Overbought conditions on the Stochastic Momentum Index (SMI).
✔️ Volume declining, signaling potential weakness in bullish momentum.
🎯 Target: 1.8146
🛑 Stop Loss: 1.8796
If price fails to hold this level, we could see a deeper pullback. Watching closely for further confirmation!
What’s your take on GBP/CAD? 🔥👇
#GBPCAD #ShortTrade #Forex #TechnicalAnalysis #Trading
🔹 Reasons for the Short:
✔️ Price struggling to break above key resistance.
✔️ Overbought conditions on the Stochastic Momentum Index (SMI).
✔️ Volume declining, signaling potential weakness in bullish momentum.
🎯 Target: 1.8146
🛑 Stop Loss: 1.8796
If price fails to hold this level, we could see a deeper pullback. Watching closely for further confirmation!
What’s your take on GBP/CAD? 🔥👇
#GBPCAD #ShortTrade #Forex #TechnicalAnalysis #Trading
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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.