GBPCAD POSSIBLE BEARISH SETUP SPOTTED
Below are the confluence factors spotted for a potential bearish swing movement.
1. VOLUME: Strong bearish breakout of the rising trendline on the 19th April 2024.
2. DOUBLE TOP: A retest of previously broken Double top neckline.
3. CANDLESTICK: The formation of bearish pin-bar on Thursday 25th, April 2024.
4. TRENDLINE: Sharp bearish rejection at the retest of broken rising trendline
5. FIBONACCI: Price respected the 68.1% Fibonacci retracement level on the 25th of April 2024
6. MARKET STRUCTURE: Lower-high and Lower-Low spotted which proves downtrend.
1. VOLUME: Strong bearish breakout of the rising trendline on the 19th April 2024.
2. DOUBLE TOP: A retest of previously broken Double top neckline.
3. CANDLESTICK: The formation of bearish pin-bar on Thursday 25th, April 2024.
4. TRENDLINE: Sharp bearish rejection at the retest of broken rising trendline
5. FIBONACCI: Price respected the 68.1% Fibonacci retracement level on the 25th of April 2024
6. MARKET STRUCTURE: Lower-high and Lower-Low spotted which proves downtrend.