Price on GBPCAD looks quite interesting at the moment, this latest moves continues the narrative of a downtrend.
As it is following a downtrend, each touch has served as a catalyst for a directional move. The most recent interaction is particularly interesting, because it's hovering here for some time now, and this could be a clue that we can use.
What may follow is subtle but telling: compression at trendline, low-volume candles suggesting exhaustion, all aligning for more potential release downward.
My target would be toward 1.8100 where we have a clear support zone. Momentum has respected structure and if this move plays out, I don't think it will be a breakout, but a continuation of a narrative that’s already been happening. This is what makes the setup so compelling. It’s not new, it’s the a "story being told".
Though a scenario for more upside is possible and can happen just as much. Still, I would take the side for more downside taken into account all above.
As it is following a downtrend, each touch has served as a catalyst for a directional move. The most recent interaction is particularly interesting, because it's hovering here for some time now, and this could be a clue that we can use.
What may follow is subtle but telling: compression at trendline, low-volume candles suggesting exhaustion, all aligning for more potential release downward.
My target would be toward 1.8100 where we have a clear support zone. Momentum has respected structure and if this move plays out, I don't think it will be a breakout, but a continuation of a narrative that’s already been happening. This is what makes the setup so compelling. It’s not new, it’s the a "story being told".
Though a scenario for more upside is possible and can happen just as much. Still, I would take the side for more downside taken into account all above.
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👉 I recommend this Broker - Get 20% Deposit BONUS - bit.ly/trenddiva
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Disclaimer
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