Watching this pair closely since I spotted what looks like a very significant top area, both in time and price.
It's possible that GBPCAD will form an ending diagonal triangle and give us a great short opportunity in the coming weeks. The daily and weekly uptrend signals point to a top between the 9th and the 24th of July.
It's also interesting to note that there's significant divergence in multiple timeframes, and the levels obtained with time at mode, linear regression channels, fibonacci extensions of wave 1 of this leg and a previous downtrend quarterly/monthly mode overhead resistance all match.
If this analysis proves to be correct, we will get a great short opportunity.
Will update with an entry.
Cheers,
Ivan.
It's possible that GBPCAD will form an ending diagonal triangle and give us a great short opportunity in the coming weeks. The daily and weekly uptrend signals point to a top between the 9th and the 24th of July.
It's also interesting to note that there's significant divergence in multiple timeframes, and the levels obtained with time at mode, linear regression channels, fibonacci extensions of wave 1 of this leg and a previous downtrend quarterly/monthly mode overhead resistance all match.
If this analysis proves to be correct, we will get a great short opportunity.
Will update with an entry.
Cheers,
Ivan.
