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GBP/CAD Potential Upward Movement

GBP/CAD Long-Term Trend: Bullish

Key Resistance Levels: 1.70654, 1.70812, 1.71091.

Key Support Levels: 1.70330, 1.70199, 1.70112.

1-Hr Frame:

The price on the higher time frame is controlled by buyers where they managed to break a strong resistance zone (now support) around the 1.70332 CAD mark. The market retraced to the new support and now its accumulating more buyers to push the price furthermore to the upside.

GBP/CAD Medium-Term Trend: Bullish

5-Mins Time Frame:

On the lower time frame, the market succeeded to break the descending trendline to the upside after finding buyers below the 1.70332 NZD mark. Big bullish bodied bars can be seen showing that the buyers are in control and might push the price again to the upside in the same direction of the main trend.

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Buy Market Order @ 1.70340

TP 1 @ 1.70627

TP 2 @ 1.70812

Stop Loss @ 1.70197

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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