GBPCAD Long Double Bottom & Weekly Deceleration
Updated
Hi guys,
hope you had a nice weekend. At the start of the trading week GBPCAD presents itself with a long opportunity. Price has found a bottom at the weekly Fibonacci level and has closed as a lowtest on friday.
We have bearish MACD Divergence and a potential H&S Pattern, however with 5 confluence factors and prime deceleration I will take a position.
The stop is protected below recent price action, the target is below the next resistance zone in anticipation of a potential weekly lower high.
Happy trading
hope you had a nice weekend. At the start of the trading week GBPCAD presents itself with a long opportunity. Price has found a bottom at the weekly Fibonacci level and has closed as a lowtest on friday.
We have bearish MACD Divergence and a potential H&S Pattern, however with 5 confluence factors and prime deceleration I will take a position.
The stop is protected below recent price action, the target is below the next resistance zone in anticipation of a potential weekly lower high.
Happy trading
Note
the weekly chart is showing a potential rejection of the horizontal support zone aswell as the weekly 0.5 fibonacci retracement level
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