GBPCAD BEARFISH FOR 100PIPS Resistance: Look for recent highs or key resistance levels where price might struggle to break higher.
Support: Identify strong support levels where the price might find a floor or reverse.
A break below a key support level could trigger further bearish movement, especially if there is a pattern like a break of a trendline, a double top, or a head-and-shoulders formation.
Technical Indicators:
Moving Averages: If the price is below key moving averages (like the 50-period or 200-period MA), it might signal a bearish trend.
RSI: A reading below 30 could indicate oversold conditions, but if RSI is trending lower, it might indicate continued bearish momentum.
MACD: A bearish crossover (where the MACD line crosses below the signal line) could confirm the bearish forecast.
Fundamental Factors:
Interest Rates: The Bank of England (BoE) and the Bank of Canada (BoC) monetary policies can significantly affect GBP/CAD. If there is a divergence in their interest rate outlooks, it can influence the pair’s direction.
Economic Reports: Keep an eye on economic data such as GDP, inflation, and employment reports from the UK and Canada, as these can affect market sentiment.
