GBPCAD Fibonacci Analysis: Structure & Fib Confluence at Target

OANDA:GBPCAD   British Pound / Canadian Dollar
On GBPCAD we have a potential short setup based solely on Fibonacci levels.

After a large drop , price rebounded up to the PINK .618 Fibonacci retracement level , which coincides with the RED 1.272 and 1.414 extension of the recent bullish leg.

High momentum rejection followed and price moved down until it found support at the ORANGE . 618 retracement

I expect price to find resistance at the PURPLE reversal zone between the .382 and . 618 retracement .

If price respects this level, I will look to short and take profit at the BLUE 1.272 extension level.

If you look left, this 1.272 extension has confluence with multiple levels of structure around the 1.736-1.74 prices.
Apr 05
Apr 05
Trade closed: target reached
Apr 05
Comment: this trade went EXACTLY as planned.


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