GBPCAD's bias is bullish in my books. The red descending trendline is unreliable and prone for breakouts; I call these types of trendlines "even trendlines— i.e., AB = BC" and data shows that, more often than not, these trendlines break.
I am bullish on this pair, and already opened a long position on Thursday of last week. If this trendline breaks as expected, I will be looking to add a further position. However, price is erratic at this point, and the probability of tight stop-losses being wiped out is increased.
Happy Trading. ______ *This information is for entertainment purposes only and shouldn't be construed as investment advice.
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