GBPCAD → False breakdown, where do we go from here?

11 Apr

GBPCAD is forming a false breakdown of trend support. Against the backdrop of the falling dollar, the pound sterling went into the rally phase, which is favorable for the currency pair.



The fundamental situation is in favor of GBP and CAD against the dollar, which continues its rapid decline.
As part of the correction, the currency pair forms a test of support without the opportunity to continue the downward movement. The maneuver ends with a false breakdown and consolidation above the level (inside the channel). The currency pair may continue the uptrend if the bulls hold the defense above 1.8144 - 1.823

Support levels: 1.81500, 1.79788
Resistance levels: 1.8233, 1.83796

Accordingly, based on the fact that we have an uptrend, a strong currency pair (on the background of a weak dollar) and a false breakdown of support, we can say that the price is not allowed down and it is worth considering an attempt to continue the uptrend.

Regards R. Linda!

16 Apr

Dagangan aktif

Target 1 reached!