Bullish Outlook for GBP/CAD with Key Level at 1.78160
Updated
The GBP/CAD pair is expected to move bullishly, targeting the 1.78160 level. On the 1-hour chart, the price has successfully broken out of a descending channel, creating a higher high before retracing. This movement is significant, especially with the RSI indicator reaching overbought levels, suggesting strong upward momentum.
I anticipate that a more favorable entry point would be when the RSI dips below the 50 level, indicating a potential pullback within the ongoing bullish trend. This setup strongly supports the view that the pair will continue its upward movement towards the 1.78160 target. We'll see how the market develops from here.
I anticipate that a more favorable entry point would be when the RSI dips below the 50 level, indicating a potential pullback within the ongoing bullish trend. This setup strongly supports the view that the pair will continue its upward movement towards the 1.78160 target. We'll see how the market develops from here.
Trade closed: target reached
Expected Level Reached @ 1.78178
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