GBPCAD → Trend change and break of range support

18 dic 2023

GBPCAD is forming a trend change. The price is breaking the key support area and most likely the fall may continue within the channel.



The Canadian is strengthening a bit stronger than the pound sterling, which is losing ground on the background of fundamental politics.
On the chart we see the formation of a fresh descending channel, but the range of 1.793 - 1.697 is more key for us. The price breaks the support of the range and forms a false breakdown in the correction phase. Consolidation of the price below the level will form a bearish potential can send the price to the mentioned target. The market may be interested in the lower boundary of the channel as a target.
In the long term we consider price strengthening from the trend support and classical trading of the price inside the bearish trend. It is also worth paying attention to the moving averages.

Resistance levels: 1.6977, 1.700
Support levels: 1.694, 1.6855

I expect a decline, a retest of the trend support (here is our target), which may be followed by a rebound before a further decline.

GBPUSD USDCAD DXY

Regards R. Linda!

18 dic 2023

Nota

19 dic 2023

Nota

22 dic 2023

Trade chiuso: obiettivo raggiunto

target reached, but there are further downside prospects: