GBPCAD Hi Traders, here is my view on this pair.
BIAS: SELL
Logical Analysis:
Since the end of 2022, the demand for this pair has been very
high. As a trader, this strong demand leads me to favor trading
it to the upside. However, it's important to remember that
buying cannot happen without selling, which makes me believe
that a potential discount may currently be taking place.
We initially saw an aggressive discount from the 0.8700 level,
bringing the price down to 0.8000, where buyers clearly
stepped in. Since then, we've been following the momentum of
the buyers. However, based on recent price action, it appears
that buying interest is starting to weaken—or that buyers are no
longer finding value in the trade—around the 0.8400 level.
Technical Analysis:
Key Levels
Resistance (Sell Zone): 1.8420–1.8470
This area has acted as a ceiling multiple times.
Price has failed to break and close above this level
convincingly.
Target (Support Zone): 1.8000
A well-established support area, also near the 200 EMA, which
acts as a dynamic support.
Timed Entry: Up to you :)
Good Luck
Trade active
Good Luck.Trade closed: stop reached
Buyers are still interested in this...
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.