GBPCAD back on the bearish long term trendline
Here we find several aspects converging.
The blue thick line is the long mod term bearish trend.
After the April 27ths big break downwards, we see a green trend line
The price went down revolving around the trend line until finding bottom in1.71097. It presented a small pullback and then relentlessly broke back down to the same levels of the previous bottom, this time 1.7085. From there and ascending green trend line is drawn wich at the end, forms an equilateral triangle with the long blue thick bearish trend line. Where actually the penultimate candle bounced from. The price has now broke the 20MA downwards, and the Fibonacci for the descending “cup” line we have, marks this bounce back on the 50%. Which suggests, alongside all the previous conditions of the pair, that the GBPCAD has retaken its down trend.
Additionally, Stoch is at 68. Shall the price go below 1.7319, where it might go past the EMA50, expect a ride down!
The blue thick line is the long mod term bearish trend.
After the April 27ths big break downwards, we see a green trend line
The price went down revolving around the trend line until finding bottom in1.71097. It presented a small pullback and then relentlessly broke back down to the same levels of the previous bottom, this time 1.7085. From there and ascending green trend line is drawn wich at the end, forms an equilateral triangle with the long blue thick bearish trend line. Where actually the penultimate candle bounced from. The price has now broke the 20MA downwards, and the Fibonacci for the descending “cup” line we have, marks this bounce back on the 50%. Which suggests, alongside all the previous conditions of the pair, that the GBPCAD has retaken its down trend.
Additionally, Stoch is at 68. Shall the price go below 1.7319, where it might go past the EMA50, expect a ride down!