Current Price Level: 1.85866
Resistance Zone: The upper red box indicates a strong resistance area around 1.86000.
Support Zone: The lower red box suggests a support level near 1.85000.
Projected Move: The blue arrow suggests a potential rejection at resistance, leading to a downward movement toward the 1.85000 support level.
Trading Outlook:
Bearish Scenario (More Likely): If price fails to break above the 1.86000 resistance, it is expected to decline toward 1.85000.
Bullish Alternative: If GBP/CAD breaks above 1.86000 with strong momentum, it could invalidate this bearish outlook.
Conclusion:
This analysis indicates a potential short-selling opportunity with a target near 1.85000, unless the resistance is broken. Traders should watch for confirmation signals like price rejection patterns or increased selling volume.
Resistance Zone: The upper red box indicates a strong resistance area around 1.86000.
Support Zone: The lower red box suggests a support level near 1.85000.
Projected Move: The blue arrow suggests a potential rejection at resistance, leading to a downward movement toward the 1.85000 support level.
Trading Outlook:
Bearish Scenario (More Likely): If price fails to break above the 1.86000 resistance, it is expected to decline toward 1.85000.
Bullish Alternative: If GBP/CAD breaks above 1.86000 with strong momentum, it could invalidate this bearish outlook.
Conclusion:
This analysis indicates a potential short-selling opportunity with a target near 1.85000, unless the resistance is broken. Traders should watch for confirmation signals like price rejection patterns or increased selling volume.
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.