FXtrades-gp

GBPCAD: SHORT Idea on this MARKET REVERSAL

Short
FX:GBPCAD   British Pound / Canadian Dollar
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TECHNICAL ANALYSIS:
Since September 2020, the price has been moving with a strong uptrend, constantly bouncing on a dynamic trendline's support and as we can see in the chart, in few months the market got many rejections on that dynamic level, even if in December, for the first time the price termporary broke the support, moving back inside the previous channel in less than one week.

At the end of December, the price reached an interesting level, I'm talking about a weekly dynamic resistance of a symmetrical triangle pattern , it got a a rejection twice and today, the price reached the same level.
The next price action around this zone will be essential to understand the next market's movement.

CONCLUSION:
In a long term, I would see the price grow more and break the weekly dynamic support, but right now I'm confident with a possible trend correction, considering that the price reached an important level the previously rejected it.
Overall, don't forget that since the end of December, in the H4 chart, we can see the price inside a descending channel and the possibility to see the GBPCAD falls down until the level 1.72444 is absolutely possible.

Stay tuned for updates!
What's your opinion? Share your idea writing a comment!

Trade Safe and Responsibly
Gianni
✅FXTrades-gp Telegram Channel✅
https://t.me/FXtradesgp

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Comments

good job
+1 Reply
@abel11, As usual, thanks so much abel! :)
Reply
Good setup ! +++
+1 Reply
@FOREXN1 Thanks so much for your feedback! 👌
Reply
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