GBPCAD is closing the imbalance area as part of a countertrend correction and consolidating below the 0.5 Fibonacci level. What's next, growth or decline?The global trend is upward, and the situation is classic: the market needs energy and liquidity to continue growing.
Locally, we see that as part of a countertrend correction, the market is closing the imbalance area, but at the same time forming consolidation below 0.5 Fibonacci, still leaving the zone of interest and order block below 1.84600 untouched.
Technically, there is a fairly high probability of continued growth, provided that the price ends its consolidation with a breakout of the 1.85690 resistance and consolidates above 0.5 Fibonacci.
Resistance levels: 1.85690, 1.8657
Support levels: 1.84986, 1.846, 1.8417
However, as an additional and, in my opinion, the most important scenario, I still consider a complete closure of the fvg and a retest of the 0.7-0.79 zone, within which the order block is located. A false breakdown of the zone of interest and the capture of liquidity could attract additional interest, which would trigger growth.
Best regards, R. Linda!
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
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🟢Telegram Channel: t.me/RLindaTrade
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NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
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.