Sell GBP/CAD Bearish Channel

The GBP/CAD pair on the M30 timeframe presents a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours.

Key Points:

Sell Entry: Consider entering a short position around the current price of 1.7225, positioned close to the channel resistance. This offers an entry point near a potential reversal zone.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones: 1.7164 and 1.7130.

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the channel, ideally around 1.7252. This helps limit potential losses if the trend unexpectedly reverses and the price breaks back upwards.

Thank you

Trade active:

Stronger Canadian Dollar (CAD): The CAD has been bolstered recently by rising oil prices and positive economic data from Canada. This could put downward pressure on GBP/CAD.

Weak UK Economy: The UK is in a technical recession, and recent data suggests ongoing weakness in the economy. This could weaken the Pound Sterling (GBP) compared to the CAD.