DzhuneytYusein
Long

GBPCAD potential BUY setup

FX:GBPCAD   British Pound/Canadian Dollar
Bearish trend has been continuing for a long time. Resistance level comes closer and closer to the support.

One day and one week RSI close to oversold. Strong structural level at 1.81902 which has been in place for almost half a year.

Follow of that bearish trend and if it doesn't break the existing trend and its resistance (red lines), then it's very likely that it will bounce up from the structure at 1.81902 with the market becoming extremely oversold.

daniel_boteroc4
8 months ago
Good analysis, don't forget that GBP/CAD haven't been at that price since 05/2015. It a resistence very very hard to break.
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DzhuneytYusein daniel_boteroc4
8 months ago
Thanks! There are lots of news coming up in the next couple of days especially about GBP, forgot to include that so it might appear that no structure level is actually strong enough. We will see in the next few days. Good luck with trading
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