GBPCAD – Resistance Test After Ascending Triangle Breakdown
GBPCAD recently broke down from an ascending triangle pattern, with price now retesting the resistance area near 1.8500.
Key Resistance: 1.8700 – 1.8500
First Target: 1.8000 (strong low)
Second Target: 1.7800 (demand zone)
Support Level: ~1.7200
Structure shows multiple tops and a weakening bullish trendline, indicating sellers may remain active below resistance. A confirmed rejection could lead to a move toward the demand zone.
Chart highlights:
Ascending triangle breakdown
Bearish retest at resistance
Two-step target projection based on structure
This analysis is for educational purposes only and not financial advice
Key Resistance: 1.8700 – 1.8500
First Target: 1.8000 (strong low)
Second Target: 1.7800 (demand zone)
Support Level: ~1.7200
Structure shows multiple tops and a weakening bullish trendline, indicating sellers may remain active below resistance. A confirmed rejection could lead to a move toward the demand zone.
Chart highlights:
Ascending triangle breakdown
Bearish retest at resistance
Two-step target projection based on structure
This analysis is for educational purposes only and not financial advice
Trade active
Trade idea becomes active only after a confirmed bearish rejection from the resistance area (1.8500–1.8700) with strong momentum.Entry should be considered below the rejection candle low.
First target near 1.8000, second target near 1.7800.
Invalidation if price closes above 1.8700.
This setup is shared for educational and analytical purposes only — not financial advice
📈 ProfitMagnet-Pro | Verified Forex Analyst
📊 Smart Signals | XAUUSD |Risk Management
📬 Join Free Channel:
t.me/profitmagnetpro12
📊 Smart Signals | XAUUSD |Risk Management
📬 Join Free Channel:
t.me/profitmagnetpro12
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.
📈 ProfitMagnet-Pro | Verified Forex Analyst
📊 Smart Signals | XAUUSD |Risk Management
📬 Join Free Channel:
t.me/profitmagnetpro12
📊 Smart Signals | XAUUSD |Risk Management
📬 Join Free Channel:
t.me/profitmagnetpro12
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.