GBPCAD-Do bears have enough momentum to reach 1.67000?
From longer term timeframes such as daily and weekly we have identified a bearish structure, price is making lower lows and lower highs.
I have marked several significant S/R zones where price has used these zones as support and resistance in the past and should contribute as an added confluence.
Price has recently made a lower low and is currently in a pullback/retracement. I am expecting price to make a lower high in order to enter the market.
Price may possibly form some sort of reversal pattern in order to indicate a reversal, we will monitor price action and wait for an intraday break of structure in order to enter the market and move with the overall momentum
Always conduct your own analysis before entering any trades and always remember to use proper risk management.
Happy trading
I have marked several significant S/R zones where price has used these zones as support and resistance in the past and should contribute as an added confluence.
Price has recently made a lower low and is currently in a pullback/retracement. I am expecting price to make a lower high in order to enter the market.
Price may possibly form some sort of reversal pattern in order to indicate a reversal, we will monitor price action and wait for an intraday break of structure in order to enter the market and move with the overall momentum
Always conduct your own analysis before entering any trades and always remember to use proper risk management.
Happy trading