VladimirRibakov

GBPCAD Intraday Buy Idea From Strong Support Zone

Long
OANDA:GBPCAD   British Pound / Canadian Dollar
H4 - Price has reached a strong support zone .

Potential bullish divergence .

Currently there are no signs opposing this bullish view.

Looking for buys as long as the strong support zone holds.

Comments

This level is a key Support/Resistance point for 12 months, which emphasizes your point about strong support. But the daily MACD does not look like a divergence to me, at this time. Should we follow the 4 hour indicator?
There are two active up AB Fibs on the daily chart, one starting in March 2020, and the other in December. The B points are very close, and the current drawback is at the .786 level. This is another indication that there will be a reversal to the long side. The Daily chart also indicates oversold. As regards targets, there are a number of important levels, but if the price has enough momentum, then 1.7550 seems a good place to aim for. Note that the full 1.618 extension in the current Fib is over the 1.80 level. So, as you say, if the strong support holds this is a BUY. Thanks
+1 Reply
VladimirRibakov peter_hands
@peter_hands, thanks for sharing your view :)
Reply
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