Possible Scenarios for the GBPCAD
The monthly chart is clearly showing an uptrend that has reversed from years of decline. The weekly is showing this in much clearer detail.
As of now price sits at the resistance area from the rally from the start of the year. Should price consolidate from here and then push higher breaking the thing yellow box, I am expecting a price target of around 2.1300. On the other hand should this resistance hold we could see price converge back down to the monthly support line highlighted by the bigger yellow box beneath it.
As of now price sits at the resistance area from the rally from the start of the year. Should price consolidate from here and then push higher breaking the thing yellow box, I am expecting a price target of around 2.1300. On the other hand should this resistance hold we could see price converge back down to the monthly support line highlighted by the bigger yellow box beneath it.
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