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GBP/CAD Potential Upward Movement

GBP/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.7429, 1.7570, 1.7600

Key Support Levels: 1.7218, 1.6995, 1.6950

Daily Chart:

The price on the higher time frame, was in a clear upward movement before posting a correction count to the strong support around the 1.7218 USD mark. We are expecting a continuation of the trend to the upside in the coming hours.

GBP/CAD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price posted an inverse head and shoulders which helped the pair to reverse and move higher. A lower correction is expected to the highlighted zone before an impulsive wave in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.7332

TP 1 @ 1.7426

TP 2 @ 1.7570

Stop Loss @ 1.7286

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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