GBPCAD: Is the price going to BREAK soon its MAIN TRENDLINE?
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🟢Forex Pair:
GBP/CAD
⚪Technical Analysis:
Since the 20th of January 2021, the price has been moving with a clear uptrend, reaching a strong weekly resistance zone at about 1.76500, that rejected the price many times in the past.
On the level, the price got a rejection and it is currently on a daily S/R zone at about 1.74300, very close to its main trendline.
The next price action around that zone will be essential to understand the next market movement.
🔴Conclusion:
In the past, the price reached many times its strong weekly resistance at about 1.76500, getting a strong and quick rejection on that level.
I'm confident to see the price breaking through its S/R zone at 1.74300, continuing its bearish movement until its next support zone.
I'll be waiting for the breakout of the main trendline before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/CAD
⚪Technical Analysis:
Since the 20th of January 2021, the price has been moving with a clear uptrend, reaching a strong weekly resistance zone at about 1.76500, that rejected the price many times in the past.
On the level, the price got a rejection and it is currently on a daily S/R zone at about 1.74300, very close to its main trendline.
The next price action around that zone will be essential to understand the next market movement.
🔴Conclusion:
In the past, the price reached many times its strong weekly resistance at about 1.76500, getting a strong and quick rejection on that level.
I'm confident to see the price breaking through its S/R zone at 1.74300, continuing its bearish movement until its next support zone.
I'll be waiting for the breakout of the main trendline before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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