TradingView
linofx1
Apr 9, 2024 10:17 PM

GBPCAD: Massive Breakout Confirmed Long

FX:GBPCAD240
British Pound/Canadian DollarFXCM

Description

⋅
The GBPCAD is experiencing significant bullish momentum.

Initially, the market broke through a strong downward trend line on a 4-hour chart.

Additionally, it surpassed a broad supply zone.
These broken barriers have created a larger demand zone.

I anticipate a bullish trend towards 1.724 - 1.728 levels.
Support and ResistanceTrend LinesSupply and Demand
Comments
VahidTradingCR
⋅
Perfect view.
Bullish momentum is high probability scenario.
FXCM
⋅
The buy zone looks solid, as the price has respected it multiple times in the past before the breakout occurred. The price breaking above the descending trendline is a sign of bullish momentum coming into the market. I suspect the price is above the Ichimoku Cloud, which is also a good indication of bullish momentum. Let's see how this plays out. I'll keep an eye on it.
More