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GBPCAD

GBP/CAD: Bullish Consolidation or Bearish Reversal? WeeklLooking at the weekly GBPCAD chart, we see signs of potential bullish continuation, but a pullback towards the trendline is a likely scenario before further upside. GBP gaining traction: The recent price movement suggests GBP is strengthening against CAD. This is evident by the upward trend: ... on the weekly chart. Pullback expected: A retracement towards the established weekly trendline support: ... is a reasonable expectation. This is a common occurrence after a price surge, allowing for a pause and potential entry points for long positions. Support confluence: The trendline coincides with a monthly pivot point: ..., creating a stronger support zone. This confluence of technical indicators increases the significance of this level. Here's what you should watch for: Price action at the trendline: A decisive break below the trendline support would weaken the bullish case and indicate a potential reversal. Conversely, a bounce off this level alongside bullish confirmation signals (e.g., increasing volume) could signal continuation of the uptrend. Resistance level: The key resistance area to overcome is . A clean break above this level would open the door for further bullish momentum. Overall, the GBP/CAD weekly chart presents a mixed picture. While the uptrend suggests potential for further gains, a pullback towards the trendline support is a likely scenario. This support zone, coinciding with a monthly pivot point, presents a possible buying opportunity if bulls can defend the level. This analysis is for informational purposes only and should not be considered financial advice. Please always consult with a qualified financial professional before making any investment decisions.
Long
by behnamxt
Short Term Buy, Long Term Sell??Looks like we are finally breaking out of the 1.73 resistance that has been holding for just over 2 years now so what next? Looking at the weekly chart buying momentum has slowly been building up around the 1.73 level evident with the lower highs forming and then last weeks huge green candle to push through and close above 1.73. (see daily chart below) Short term I expect the market to have a quick dip back down towards or below 1.73 and then for buyers to comeback in to push price up towards the huge Monthly sell zone between 1.75 and 1.78. (see image below) I will be looking for BUY signals on my TRFX indicator on the lower timeframe charts from 1hr up and then entering buying positions, I also may take a more aggressive approach and just buy the first short dip. My target for the buy position will be above 1.75 though looking at the Monthly charts I can't rule out a spike up to 1.78 or even as high as 1.80. Once price has entered the Monthly SELL/SUPPLY zone I will then switch my focus to look for evidence of buying momentum slowing down as I fully expect large sellers to start building into positions here and so will I. As the image above shows each time the market has got this high since 2017 has been followed by large selling back down under 1.60. Hope you enjoyed the read :)
Long
by TheFxAce
3
GBPCAD Trading IdeaBased on Simple Technical Analysis ( Trendline + Support & Resistance ) Risk Disclaimer: Please be advised that I am not telling anyone how to spend or invest their money. Take all of my analysis as my own opinion, as entertainment, and at your own risk. I assume no responsibility or liability for any errors or omissions in the content of this page, and they are for educational purposes only. Any action you take on the information in these analysis is strictly at your own risk. There is a very high degree of risk involved in trading. Past results are not indicative of future returns. Good luck :-)
Short
by ShahedZare
GBPCAD Analysis on 3H ChartGBPCAD: Ascending Channel Offers Bullish Continuation The GBPCAD pair has been trading within an ascending channel on the 3-hour chart, presenting a classic bullish continuation pattern. The channel is defined by two parallel trendlines, with the upper trendline having touchpoints at 1.7217 , 1.7291 , and 1.7335 , and the lower trendline with touchpoints at 1.7116 , 1.7190 , and 1.7217 . Key Observations: Bullish Structure: The ascending channel indicates a steady uptrend with the price making higher highs and higher lows. Trading Within the Channel: The strategy involves buying near the lower trendline and considering selling near the upper trendline or holding for a breakout. Volume: Confirm trades with volume, as rising volume on upward moves within the channel reinforces the bullish sentiment. Trade Strategy: Entry Point: A pullback to the lower trendline offers a potential entry point, with the recent touchpoint at 1.7217 serving as a key support level. Stop Loss: A stop loss can be placed just below the lower trendline to protect against a potential breakdown. Take Profit: Profit targets can be set near the upper trendline, with the recent high at 1.7335 acting as a resistance level. Risk Management: Breakout Potential: Be prepared for a breakout above the upper trendline, which could signal a stronger bullish move. Market News: Stay informed about economic events that could impact the GBP and CAD, as these could lead to increased volatility or breakouts from the pattern. Trade ideas are speculative and should be used in conjunction with a comprehensive trading strategy and risk management. This trade idea is based on the ascending channel pattern, which is typically a bullish signal in technical analysis. It’s important to monitor the pair closely for potential breakouts or breakdowns that could signal a change in trend. Happy trading!
Long
by itmecrypomania
GBPCAD Analysis on Weekly Time Frame GBPCAD: Bullish Breakout from Rising Wedge’s Upper Boundary The GBPCAD pair has made a decisive move by breaking out from the upper trend line of a rising wedge pattern on the weekly chart. This breakout is contrary to the typical bearish exit from a rising wedge and could signal a strong bullish continuation. Key Observations: Pattern Recognition: The rising wedge pattern is identified by converging, upward-sloping trendlines. Bullish Breakout: The breakout above the upper trendline suggests buyers are in control, overpowering the usual bearish sentiment associated with this pattern. Volume Confirmation: Look for an increase in volume to confirm the bullish breakout’s strength. Trade Strategy: Entry Point: Consider a long position following the breakout with confirmation from volume. Stop Loss: Place a stop loss just below the breakout point to protect against a potential false breakout. Take Profit: The profit target can be estimated by the height of the wedge at its start, projected upwards from the breakout point. Risk Management: Confirmation: Monitor for a potential retest of the upper trendline, which could now act as support. Market Sentiment: Stay informed about macroeconomic factors that could influence the GBP and CAD currencies. Trade ideas are speculative and should be used in conjunction with a comprehensive trading strategy and risk management. This trade idea is based on an atypical breakout from a rising wedge pattern, which usually indicates bearish reversal. However, a breakout above the upper trendline can sometimes occur, especially in strong bullish markets, and may lead to significant upward moves. It’s important to validate the breakout with volume and other indicators for a robust trade setup. Happy trading!
Long
by itmecrypomania
Sell GBP/CAD Bearish ChannelThe GBP/CAD pair on the M30 timeframe presents a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours. Key Points: Sell Entry: Consider entering a short position around the current price of 1.7225, positioned close to the channel resistance. This offers an entry point near a potential reversal zone. Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones: 1.7164 and 1.7130. Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the channel, ideally around 1.7252. This helps limit potential losses if the trend unexpectedly reverses and the price breaks back upwards. Thank you
Short
by KABHI_TA_TRADING
2
Strifor || GBPUSD-06/03/2024Preferred direction: BUY Comment: At the beginning of the week, the buy-priority is still relevant for the British currency , however, despite the presence of a limit buyer, a more likely long scenario looks precisely after a small downward correction towards the level of 1.26770 . In this case, a false breakout will be formed as soon as the price returns to previous levels after testing the level of 1.26770 , that is, it returns again to the level of 1.27100 , where the limit buyer is located. We set the target near the level of 1.27500, since pressing close to 1.28000 will be a rather risky maneuver, there is a high probability of a rebound downwards from this round resistance level. Additional comments on this trade will be provided as situation changes. Follow us! Thank you for like and share your views!
Long
by Strifor
1
Strifor || EURUSD-06/03/2024Preferred direction: BUY Comment: The middle of the week has come, and, as we said at the beginning of the week, a rather eventful economic calendar awaits us. The buy priority for EURUSD remains relevant, which was also indicated at the beginning of the week. The growth target is located at the level of 1.09000 , and there is also a possibility that the instrument will try to grow towards 1.09500. As part of today, two long scenarios are proposed, where the more likely scenario is №1 , according to which, before moving to 1.09000 , a false breakout will be formed in the area of the level 1.085000 . Perhaps the deal will last until tomorrow. Additional comments on this trade will be provided as situation changes. Follow us! Thank you for like and share your views!
Long
by Strifor
1