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GBPCAD trade ideas

Trading Idea: GBPCAD 1D - Bearish Continuation SetupIn this GBPCAD daily chart analysis, the market structure suggests a bearish continuation setup based on ICT (Inner Circle Trader) concepts. The price has shown signs of rejection at key levels, and we expect further downside as liquidity gets taken out. Here's the detailed breakdown: Market Structure and CHOCH The chart shows a Change of Character (CHOCH), which signals a shift in momentum to the downside. This comes after price failed to sustain its bullish structure, breaking below a previous low and confirming the bearish bias. The CHOCH aligns with the expectation of a continuation to lower levels. Fair Value Gap (FVG) Mitigation We see price moving into a Fair Value Gap (FVG), highlighted in green, created by the sharp bearish move. This FVG serves as a premium retracement zone where price is likely to find resistance, offering an optimal opportunity for smart money to enter short positions. Key Levels Rejection Zone (Highlighted in Orange): Price has already shown a reaction and rejection from this zone, which aligns with previous support turned resistance. This level adds confluence to the bearish setup. Liquidity Pool: Below the $1.7450 level, significant liquidity rests from retail stop-losses. Price is expected to target this area as it moves lower. Bearish Bias The overall bias remains bearish, as the market structure and liquidity principles align for further downside. The retracement into the FVG provides an opportunity for shorts before price continues lower to target liquidity beneath previous lows. Execution Plan Entry: Look for short positions in the FVG zone ($1.7700 - $1.7750) or at the rejection zone if price revisits it. Stop Loss: Place stops above the FVG zone at around $1.7800, protecting against deeper retracements. Take Profit: First Target: $1.7450 (Liquidity Pool below the lows) Extended Target: $1.7200 (Deeper liquidity and historical support) Confluence for Bearish Setup CHOCH: Momentum has shifted bearish, confirmed by a break of structure. FVG: Price is retracing into a premium pricing zone for short entries. Liquidity Pool: Sell-side liquidity below previous lows provides a magnet for price. Rejection Zone: Price has already shown a reaction, reinforcing the bearish bias. Summary GBPCAD is poised for a bearish continuation as price mitigates the FVG and targets liquidity below. The combination of structure, liquidity principles, and rejection zones suggests a high-probability short setup. Patience for an entry confirmation within the FVG zone will ensure a favorable risk-to-reward ratio. Disclaimer: This is not financial advice. Always manage your risk and perform your own analysis before executing trades.
Short
by cephxs
GBPCAD Wave Analysis 21 November 2024 - GBPCAD broke support zone - Likely to fall to support level 1.7500 GBPCAD currency pair today broke the support zone between the support level 1.7700 (which reversed the price in August and September) and the 38.2% Fibonacci correction of the upward price move from April. The breakout of this support zone accelerated the active minor impulse wave C of the ABC correction 4 from May. GBPCAD currency pair can be expected to fall further to the next support level 1.7500, target price for the completion of the active wave 4.
Short
by FxProGlobal
GBPCAD H4 300 pips dump incoming short it🔸Hello traders, let's review the 4hour chart for GBPCAD today. Weak support breakdown in progress currently on H4 and I don't expect it to hold the sell side pressure. 🔸There is no strong S/R zones until 7440 currently we are trading at 7730 so I expect the price to slide through the weak s/r zone. S/R zone was tested multiple times recently and only produced a weak bounce therefore expecting breakdown and new dump. 🔸Recommended strategy for GBPCAD traders: short sell at market or short sell any weak bounces near market price, SL 60 pips TP1 +150 pips TP2 +300 pips. good luck traders! 🎁Please hit the like button and 🎁Leave a comment to support our team! RISK DISCLAIMER: Trading Futures , Forex, CFDs and Stocks involves a risk of loss. Please consider carefully if such trading is appropriate for you. Past performance is not indicative of future results. Always limit your leverage and use tight stop loss.
Short
by ProjectSyndicate
14
GBPCAD Will Go Up From Support! Long! Take a look at our analysis for GBPCAD. Time Frame: 6h Current Trend: Bullish Sentiment: Oversold (based on 7-period RSI) Forecast: Bullish The market is trading around a solid horizontal structure 1.772. The above observations make me that the market will inevitably achieve 1.782 level. P.S Please, note that an oversold/overbought condition can last for a long time, and therefore being oversold/overbought doesn't mean a price rally will come soon, or at all. Like and subscribe and comment my ideas if you enjoy them!
Long
by SignalProvider
1
GBP/CAD Breaks Uptrend Line: Is a Downward Movement Imminent?The GBP/CAD pair has exhibited considerable strength since April 2024, climbing steadily until it reached key resistance at approximately 1.8070. This resistance area is close to the highest level seen since 2018, when GBP/CAD traded around 1.8400. Following its engagement with resistance on the daily chart, the price began to show signs of exhaustion. On 12 November, the pair broke below its established uptrend line, indicating a potential reversal or, at the very least, a deeper corrective pullback in the short term. Support and Resistance Context Historically, once a support level is breached, it often transforms into resistance. Thus, the area where GBP/CAD broke the uptrend line may now act as a barrier preventing further price increases. Resistance and Fibonacci Confluence The breakout point of the ascending trendline now corresponds to the zone between the 38.2% and 50% Fibonacci retracement levels of the recent downward movement. This area, which previously provided support to the price, is positioned to play a vital role as resistance during any corrective phase. Potential Selling Opportunity The break below the trendline indicates a potential weakening in bullish momentum. A retracement to the 38.2% to 50% Fibonacci region would constitute a healthy correction, allowing sellers to position themselves at a key technical confluence. This retracement area aligns with the prior breakout point of the trendline and coincides with a newly established resistance level, significantly increasing the likelihood of price rejection. Sell Entry : A viable selling opportunity may arise if the price retraces to the 1.7870 to 1.7930 zone and displays signs of rejection, such as the formation of a Pin Bar or Engulfing candlestick pattern on the daily chart. Target Projections : The initial target could be set at the recent low of 1.7700, with a further extension down to 1.7300, where the price may find new support. Notably, the 1.7300 level represents a crucial historical resistance that could now serve as significant support. Stop Loss : A protective stop loss should be positioned above the 1.8070 level, the historical resistance, to shield against a potential reversal in the upward trend. An alternative scenario While the resistance observed on the daily chart is significant, traders should remain vigilant for a potential breakout above this level, as it could propel the GBP/CAD towards the next resistance target of around 1.8400. Additionally, the upcoming release of the Consumer Price Index (CPI) for the British Pound on Wednesday is a crucial factor to consider, as it may set the tone for future monetary policies in the UK. If inflation comes in higher than anticipated, it could lead to a more restrictive monetary policy in the medium term. Should this occur, GBP/CAD might break through the resistance level and continue its upward trajectory on the daily chart. In this scenario, a buying opportunity could materialise if the CPI data exceeds expectations and the price successfully breaks above the resistance level. An initial target for this trade would be the 1.8400 region, where the price may encounter additional resistance. In Summary GBP/CAD is at an important level in the daily chart, with both Buying and Selling possibilities depending on what comes next. From a technical point of view, a Sell opportunity can appear if the price respects the 1.7870 ~ 1,7930 region. A buying opportunity could appear depending on Consumer Price Index data to be released on Wednesday and the breakout of a resistance level at 1.8200. Disclaimer: 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Past performance is not necessarily indicative of future results. The value of investments may fall as well as rise and the investor may not get back the amount initially invested. This content is not intended for nor applicable to residents of the UK.
by Marketscom