FXtrades-gp

GBPCAD (Daily) SHORT IDEA: Is it time to BREAK the TRENDLINE?

Short
FX:GBPCAD   British Pound / Canadian Dollar
POTENZIAL PROFIT: UP TO 150 PIPS

TECHNICAL ANALYSIS:
-Since the beginning of April 2020, the price has been following a long downtrend, until the end of June, where the price bounced twice on an important weekly support zone .
After the second rejection, the price hasn't been able to retest and break the support level , starting a new uptrend until it reached the resistance level at about 1.74000.

-The weekly resistance zone , rejected and quickly reversed the market in a downtrend until the previous support level .

-Since the half of September, the price started a new uptrend, following a clear ascending channel . Once it reached the resistance zone , it collapsed down but quickly back to the uptrend.

CONCLUSION:
-The price has been rejected from the resistance zone many times, and it actually happened again, that's definitely a strong level.
I aspect the price falling down, reaching the next support level at about 1.70000.
I'd eventually entry short only if the price will clearly break the trendline.

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