GBPCAD - short setup
GBPCAD is in a strong downtrend... on the daily market broke below support with a strong bearish impulse which has been followed by a correction to the 0.50 fib making a new lower high, now i am expecting the continuation to downside and market to form another lower low from a daily perspective. On the 4hr timeframe we will be waiting for market to break below this counter trendline and form new 4hr bearish structure then if all other rules are met we can enter on the retest of previous support turned resistance.
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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.