FXtrades-gp

GBPCAD: Is the price going to BREAK soon its MAIN TRENDLINE?

Short
FX:GBPCAD   British Pound / Canadian Dollar
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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.

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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

Comments

Great analysis, thanks for sharing.
The sell is around the corner. I think we will break the top once more before it will be ready to go south.



Best regards.
+2 Reply
FXtrades-gp financialflagship
@financialflagship absolutely amazing ! Let me have a proper look on your channel 👌
Reply
Definitely good setup! +++++++++++++++++++
+1 Reply
@FOREXN1, I'm glad to hear that! thanks!
Reply
amazing setup and overall great.
+1 Reply
@abel11 thanks Abel 🙏
Reply
Keep it up Gianni
+1 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, many thanks Rich!
Reply
nice job
+1 Reply
FXtrades-gp BitonGroup
@BitonGroup, oh, thanks so much!
Reply
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