Looking at the GBPCAD chart, we see the price break below an ascending tunnel on the 4 hour time frame. Along with this break of the trend line, we see in the weekly timeframe the major resistance at the (1.7700) level held beautifully and price had a clear bounce off of this resistance. A daily bearish candle closed below this level showing that the price is on its way down. Further confirmation to show that this pair is asking to melt is on the 4 hour time frame we see on using a fib. retracement that from recent swing high at (1.7767) to recent swing low at (1.7650) the price currently attempted to break the .38% (1.76900) level and failed three times. Keep in mind if entering into this pair that major market news will be released on the 2nd of March, which is tomorrow as of the publish date of this analysis.
Thank you for taking the time to read and check out my analysis on this pair. I m by no means a professional trader so do not take this analysis as a means to profit form a successful trade.
Feel free to comment and critique my analysis as I am still learning and growing in my technical analysis skills.
Thank you for taking the time to read and check out my analysis on this pair. I m by no means a professional trader so do not take this analysis as a means to profit form a successful trade.
Feel free to comment and critique my analysis as I am still learning and growing in my technical analysis skills.