⚠️GBPCAD is trading in long-term bearish trend.
The market is steadily going down within a falling parallel channel.
The pair is approaching its resistance at the moment.
Depending on the reaction of the price to that, I see 2 potential scenarios:
1️⃣If the price breaks a resistance of the channel (we need a daily candle close above that to confirm a breakout), then a bullish continuation will be expected to 1.6118 structure.
2️⃣If the price breaks a 1.5855 - 1.59 local daily support and closes below that
then a bearish continuation will be expected at least to 1.572 level.
Wait for a breakout and only then buy/sell the pair.
What are your expectations?
⚠️GBPCAD is trading in long-term bearish trend.
The market is steadily going down within a falling parallel channel.
The pair is approaching its resistance at the moment.
Depending on the reaction of the price to that, I see 2 potential scenarios:
1️⃣If the price breaks a resistance of the channel (we need a daily candle close above that to confirm a breakout), then a bullish continuation will be expected to 1.6118 structure.
2️⃣If the price breaks a 1.5855 - 1.59 local daily support and closes below that
then a bearish continuation will be expected at least to 1.572 level.
Wait for a breakout and only then buy/sell the pair.
What are your expectations?
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Join our Telegram channel for daily market update 👇👇
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
t.me/TheAceTrading
For paid signal👇👇 t.me/linofx1999
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.