GBPCAD descended with strength, and has now reached a strong support zone.
Price now hovers above and this zone and is a great indication to use for possible reversal move, that could send price into the 1.86100 level.
But if price breaks below support with momentum, then I’ll back off this bullish bias and reassess, and consider the reversal idea invalidated, with potential for further downside.
Just sharing my thoughts for the charts, this isn’t financial advice. Always confirm your setups and manage your risk properly.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Price now hovers above and this zone and is a great indication to use for possible reversal move, that could send price into the 1.86100 level.
But if price breaks below support with momentum, then I’ll back off this bullish bias and reassess, and consider the reversal idea invalidated, with potential for further downside.
Just sharing my thoughts for the charts, this isn’t financial advice. Always confirm your setups and manage your risk properly.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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Related publications
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.