GBPCAD: Important Decision Ahead! Your Plan!!
⚠️GBPCAD is trading in long-term bearish trend.
The market is steadily going down within a falling parallel channel.
The pair is approaching its resistance at the moment.
Depending on the reaction of the price to that, I see 2 potential scenarios:
1️⃣If the price breaks a resistance of the channel (we need a daily candle close above that to confirm a breakout), then a bullish continuation will be expected to 1.6118 structure.
2️⃣If the price breaks a 1.5855 - 1.59 local daily support and closes below that
then a bearish continuation will be expected at least to 1.572 level.
Wait for a breakout and only then buy/sell the pair.
What are your expectations?
⚠️GBPCAD is trading in long-term bearish trend.
The market is steadily going down within a falling parallel channel.
The pair is approaching its resistance at the moment.
Depending on the reaction of the price to that, I see 2 potential scenarios:
1️⃣If the price breaks a resistance of the channel (we need a daily candle close above that to confirm a breakout), then a bullish continuation will be expected to 1.6118 structure.
2️⃣If the price breaks a 1.5855 - 1.59 local daily support and closes below that
then a bearish continuation will be expected at least to 1.572 level.
Wait for a breakout and only then buy/sell the pair.
What are your expectations?
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