Here we are looking at GBPCAD on the 4hr time frame. As you notice, we have been inside of this uptrend channel now for quite some time. We have been rejected off the 1.8 major level and have broken into this mini dotted channel within the larger channel. The reason I put this mini dotted channel is because the market is very reactive when it comes into contact. The EMA and MA have now crossed signaling downside momentum, and the MACD has also crossed to favor downside momentum. 1.775 will be next level of support, and if we can break that I believe GBPCAD may begin to enter back into the red rectangle box.
For now I will wait to see if the MACD can cross the purple dotted line, and if that occurs I believe GBPCAD could fall entering back into the red highlighted box. However, if GBPCAD continues upwards and breaks above the 1.8 major level, I will be long up to 1.81
**This is for informational purposes only and is not instructions whether to buy or sell**
For now I will wait to see if the MACD can cross the purple dotted line, and if that occurs I believe GBPCAD could fall entering back into the red highlighted box. However, if GBPCAD continues upwards and breaks above the 1.8 major level, I will be long up to 1.81
**This is for informational purposes only and is not instructions whether to buy or sell**