GBP/CAD Potential Downward Movement

GBP/CAD Price Long-Term: Bearish

Key Resistance Levels: 1.7432, 1.7593, 1.7673

Key Support Levels: 1.7245, 1.7115, 1.6965

Daily Chart:

The pair is in a clear downward movement where the price is posting lower lows and highs. Currently, we are in a correction count, once finished a move downward is expected in the same direction of the main trend.

GBP/CAD Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hr time frame, the price is trading inside a bearish flag formation where it represents a correction count to the upside. The price faced an area of confluence between the daily support and the 50% Fibonacci retracement @ 1.7432. This might lead to a move to the downside to the 1.7310 USD level.

Signal Idea:

Sell Limit Order @ 1.7432

TP 1 @ 1.7310

TP 2 @ 1.7245

Stop Loss @ 1.7493

Trade Safely 🙂