GBPCAD: Trade Opportunities at the Support Zone

This market will be interesting during the next week. The price reached the support zone formed by the uptrend line and SMA100.
The price action here will be able to give trade opportunities in both directions.

If the price bounces from the support zone, it will be a buy opportunity. The breakout above the local downtrend line will give additional bullish signals, and it will confirm the continuation of the uptrend.

If the price breaks the support zone, it will give us a trend reversal signal. It will be possible to sell using the daily and lower timeframes. The pullback to the uptrend line and the reversal from it will give a better entry point for sell trades. The main goal for sell trades can be at SMA200.

All trades must be used with stop orders and the proper money management strategy.



Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.