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💱GBPCAD - Triangle on the background of the uptrend
GBPCAD in the format of a global ascending price channel forms a setup that may resume upward movement after a small stagnation in the flat format
TA on the high timeframe:
1) The market is in a bullish trend. Consolidation is forming above 1.71000.
2) The liquidity area on the support side may not let the price down, but on the contrary, push it up and make the price break the resistance
TA on the low timeframe:
1) A triangle continues to form. The price is consolidating
2) A false breakout of resistance is formed, the price forms a rebound.
3) Two scenarios are possible: 1) price will form a quick retest of resistance - a situation with a high chance of a breakout. 2) price will reach the support and market reaction will be formed from this area.
Key support📉: 1.70987
Key resistance📈: 1.71750, 1.71910
TA on the high timeframe:
1) The market is in a bullish trend. Consolidation is forming above 1.71000.
2) The liquidity area on the support side may not let the price down, but on the contrary, push it up and make the price break the resistance
TA on the low timeframe:
1) A triangle continues to form. The price is consolidating
2) A false breakout of resistance is formed, the price forms a rebound.
3) Two scenarios are possible: 1) price will form a quick retest of resistance - a situation with a high chance of a breakout. 2) price will reach the support and market reaction will be formed from this area.
Key support📉: 1.70987
Key resistance📈: 1.71750, 1.71910
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