The GBPCAD has encountered significant resistance at 1.7140 after gaining momentum from both the major long-term trend line and the steeper trend line. This situation presents favorable conditions for initiating multiple short entries. Currently, at market is at 1.7140, and I recommend placing sell limit orders at 1.7160 and 1.7180. The target take-profit level is set at 1.7040, while the stop-loss should be placed at 1.7240.
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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.