The GBP/CAD
retracement continues and the pair has almost reached the (MA)89 indicator on
the four-hour time-frame which is currently at 1.7285. The pair will most
likely reach that level soon and the question is whether it will be able to
break out below it or not. If it does break out below it the move to the
downside will probably continue towards 1.7200 or even towards 1.7150. On the
other hand, if the pair bounces off from the aforementioned indicator it will
probably rise back towards the last support at 1.7380 which would become a
resistance level. A breakout above that
level could lead to a further move to the upside towards 1.7500.
Very detailed assessment!
ReplyDeleteWill keep in mind these levels.
ReplyDeleteThe pair is consolidating on the upside.
ReplyDelete