After
bouncing off from the resistance at 1.8415 and moving to the downside for two
months GBP/CAD finally met some support at 1.7360, which coincides with the
(MA)89 indicator on the weekly time-frame. The pair has formed a spinning top
candlestick at that support on the same time-frame which is a signal for
indecision at the very least. The question is whether that indecision will
become a reversal. If it does, the pair will probably start moving to the
upside towards the resistance at 1.7630. If it breaks out below the
aforementioned support level, it could continue falling towards the next major
support, which is probably around 1.6760, which is the last low.
Good assessment, will keep it in mind.
ReplyDelete