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GBP/CAD Potential Upward Movement

GBP/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.72908, 1.72237, 1.74894.

Key Support Levels: 1.71847, 1.70906, 1.70394.

1-Hr Time Frame:

The price on the higher time frame failed to break the strong support level around the 1.71898 CAD mark which led to a fake breakout and a move to the upside. A higher low has been posted which signals that the market is controlled by the buyers and could be pushed toward the previous swing high.

GBP/CAD Medium-Term Trend: Bullish

1-Hr Time Frame:

On the lower time frame, the price succeeded to break the bullish flag formation to the upside after finding buyers around the 50% Fibonacci retracement level. A lower correction could be seen before a new bullish impulsive wave toward the target profits.

Buy Limit Order @ 1.72096

TP 1 @ 1.72914

TP 2 @ 1.73250

Stop Loss @ 1.71692

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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