GBPCAD Strong buy opportunity for the rest of the year.
Back in February, which was our last GBPCAD idea, the pair was trading within a Channel Down that offered us an accurate sell trade:
Since then, the pattern broke to the downside and the pair now sits at more than -9% from its February 21 High. This however gives a new high probability pattern on the long-term as both the price action on the 1D time-frame and the 1D RSI suggests that it may be replicating the sell-off sequence of May 06 2019 - August 09 2019. That fractal bottomed after dropping around -10.50%. If however the price enters the red Ichimoku Cloud first, it will turn into a sell opportunity on the spot. In that case you can use the Fibonacci retracement levels as shorter-term targets (see how those got systematically filled with Higher Highs during the 2019 recovery) but on the long run, we do expect the 1.7378 Resistance to get hit. Draw the Fibonacci levels from the -10.40% level if the price doesn't enter the Ichimoku first.
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
Since then, the pattern broke to the downside and the pair now sits at more than -9% from its February 21 High. This however gives a new high probability pattern on the long-term as both the price action on the 1D time-frame and the 1D RSI suggests that it may be replicating the sell-off sequence of May 06 2019 - August 09 2019. That fractal bottomed after dropping around -10.50%. If however the price enters the red Ichimoku Cloud first, it will turn into a sell opportunity on the spot. In that case you can use the Fibonacci retracement levels as shorter-term targets (see how those got systematically filled with Higher Highs during the 2019 recovery) but on the long run, we do expect the 1.7378 Resistance to get hit. Draw the Fibonacci levels from the -10.40% level if the price doesn't enter the Ichimoku first.
--------------------------------------------------------------------------------------------------------
** Please support this idea with your likes and comments, it is the best way to keep it relevant and support me. **
--------------------------------------------------------------------------------------------------------
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.