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GBPC/CAD Potential Downward Movement

GBP/CAD Long-Term Trend: Bearish

Key Resistance Levels: 1.7272, 1.7348, 1.7608

Key Support Levels: 1.7197, 1.7049, 1.6986

Daily Chart:

The price on the higher time frame is in a clear downward movement, where there was sell high pressure around the 1.7434 USD level that led to a huge move to the downside. The price managed to break a daily support 1.7272 USD mark which might lead to a further movement to the downside

GBP/CAD Medium-Term Trend: Bearish

1-hour Chart:

On the 1-hr time frame, the price is trading inside a bearish channel. The pair posted a correction count to the resistance level where it found some sellers. A break of 1.7252 USD level will lead to further move to the downside toward the 1.7196 USD mark.

Signal Idea:

Sell Stop Order @ 1.7252

TP 1 @ 1.7196

TP 2 @ 1.7049

Stop Loss @ 1.7280

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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