Market Sentiment:
The prevailing trend for GBPCAD remains bearish, with the recent price action appearing to be an oversold bounce rather than a sustained recovery.
Key Levels:
Resistance: 1.8440 (Previous consolidation zone)
Support Levels: 1.8050 followed by 1.7980 and 1.7870
Potential Scenarios:
Bearish Continuation: If GBPCAD fails to break above1.8440 and faces rejection, it could resume its downtrend, targeting 1.8040 initially, followed by 1.7980 and 1.7870 over the longer term.
Bullish Breakout: A confirmed breakout and daily close above 1.8440 would shift the sentiment bullish, paving the way for a rally toward 1.8500 and potentially 1.8570
Conclusion:
GBPCAD remains in a bearish structure unless a breakout above 1.8440 is confirmed. Until then, price action suggests that any rally is likely to be a short-term relief within a broader downtrend.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
The prevailing trend for GBPCAD remains bearish, with the recent price action appearing to be an oversold bounce rather than a sustained recovery.
Key Levels:
Resistance: 1.8440 (Previous consolidation zone)
Support Levels: 1.8050 followed by 1.7980 and 1.7870
Potential Scenarios:
Bearish Continuation: If GBPCAD fails to break above1.8440 and faces rejection, it could resume its downtrend, targeting 1.8040 initially, followed by 1.7980 and 1.7870 over the longer term.
Bullish Breakout: A confirmed breakout and daily close above 1.8440 would shift the sentiment bullish, paving the way for a rally toward 1.8500 and potentially 1.8570
Conclusion:
GBPCAD remains in a bearish structure unless a breakout above 1.8440 is confirmed. Until then, price action suggests that any rally is likely to be a short-term relief within a broader downtrend.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.