Gbp/Cad

Daily analysis of the pair

today trend is: buy


Resistance level:

1- Resistance : 1.7485
2- Resistance : 1.7495
3- Resistance : 1.7505


Supporting level :

1- Supporting : 1.7470
2- Supporting : 1.7465
3- Supporting : 1.7460

Head and Shoulders building on the weekly chart? Could be one hell of a trade if it plays out. A recent H4 H&S played out really nicely so is that a sign of things to come
https://indian-forex.com/attachment....1&d=1548786537

H&S could be playing out here on the weekly. Will sit and wait for a break and retest. Pound being as weak as it is, oil wanting to break higher, this could be a monster trade.https://indian-forex.com/attachment....1&d=1548787101

Weekly, Monthly, just hang on
https://indian-forex.com/attachment....1&d=1548787120

Reviving this forum... Anyone thinking that GBPCAD is looking rather bearish. Boillinger bands pinched together a few days ago, there is a bearish daily closing candle during the last trading day before the weekend, and boilinger bands looks like it is starting to expand. Might need a few other indicators to confirm comming trend. Anyone any thoughts on this?

Here's a technical outlook on GBPCAD.

The pair has been predominantly on the decline since December 2015. On the weekly time frame, during April and May 2017, price action retraced to 32.8 Fib level of the drop from the high of December 2015 to the low of January 2017. Since then it has remained constrained for a southward operation by a resistance trendline (chocolate colour) from the high of December 2015. The most recent price action in the past two weeks have been sideways and in a support zone

On the H4 time frame, price action has been largely in consolidation/sideways mode and in a channel (Khaki coloured rectangle) for the most part of June. Presently, price action is in the middle of the channel, somewhat a noman’s land, but the last sessions on Friday saw the buyers getting more influential in the market. Should buyers take price action to the distal part of the channel, perhaps targeting the 1.69750 area, this is likely to present a good sell trading opportunity. Given the technical disposition on the weekly time frame, a sell trading opportunity is more feasible than a buy trading opportunity. A break of the channel southward is likely to initially target the 1.67224 area; this may expose the 1.66367 area, the base of the April 17, 2017 rally.

The opening price is above the pivot 1.7935 which indicates the uptrend.
Support Level: 1.7893, 1.7843, 1.7801.
Resistance Level: 1.7985, 1.8027, 1.8077.
The MACD histogram is above the zero level.
Parabolic SAR indicator (step 0.02, max 0.2) indicates the price is moving up.

Trading recommendations: Buy.
TP: At the resistance level: 1.7985, 1.8027, 1.8077.
SL: One level below the entry point

Does this look like a potential trend reversal for GBPCAD if the daily candle closes below 1.7130 ? i'm looking at a target of 1.5650 which is near the 2016 low

may i know why? i saw that you drew a red support line, but i didn't quite understand how you derived that. Keen to learn
Lets wait first to see it work. I am quite enthusiastic about Gann´s method(angles) although he was a bit secretish about his method.