GBPCAD testing support, potential bounce | 18 May 2020Price is testing our support in line with our horizontal overlap support, 61.8% fibonacci retracement and 78.6% fibonacci extension where we could see a bounce to our first resistance level . Attached is the video analysis so do check that out as well and let us know what you would like to see next!
Gbpcadshort
GBPCAD testing support, potential bounce | 18 May 2020Price is testing our support in line with our horizontal overlap support, 61.8% fibonacci retracement and 78.6% fibonacci extension where we could see a bounce to our first resistance level. Attached is the written version so do check that out as well and let us know what you would like to see next!
GBP/CAD possible reversal area coming into focusGBP/CAD has been battered down by the BEARS as have all GBP pairs for the last 6 weeks. GBP/USD is hovering around WS1 support and GBP/CAD is entering an area of strong support. This area which extends from current market price(1.7190) down to WS1 at 1.7111 is now a key area for GBP/CAD. If all this support fails then expect a stong move south from the BEARS down to 1.6530 area initially.
Strike it down.... GBPCAD Lighning Bolt Movement!!!Interesting movement by GBPCAD so far. We could see a potential head and shoulder pattern forming with price level at a upper band which gives us a good potential to short this pair. If we could see this price breaking its trend support level we could see it moving down to the support level @1.6720 with a possible retest to that support level before a fall. Forming a nice lightning bolt pattern which could pose great danger to GBPCAD as it head towards the south.
What you should consider before trading GBPCADGBPCAD is going to test 200 SMA for selling or buying pressure. Currently, it's trading sideways and Pivot points form a major entry point. If the next Pivot point (available on 05/05) permits selling pressure, then the increased volatility to 1.7200 downward is guaranteed.