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GBP/CAD Potential Upward Movement

GBP/CAD Potential Upward Movement

Key Resistance Levels: 1.74975, 1.76240, 1.77000.

Key Support Levels: 1.73185, 1.72250, 1.71643.

Daily Chart:

The price on the higher time frame posted an engulfing bullish pattern around a strong daily support at 1.73185 CAD mark. This led to a move to the upside where a slight correction has been posted after breaking the 1.7420 CAD resistance.

GBP/CAD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price posted a double bottom after break the Wyckoff accumulation phase to the upside. We expect further movement to the upside in the coming hours in the same direction of the main trend.

Signal Idea:

Buy Limit Order @ 1.74186

TP 1 @ 1.74965

TP 2 @ 1.76240

Stop Loss @ 1.73992

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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