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Wednesday, January 20, 2021

GBPCAD: The END of a strong WEEKLY TRIANGLE pattern

GBPCAD: The END of a strong WEEKLY TRIANGLE pattern

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🟒Forex Pair:
GBP/CAD

Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving inside a strong symmetrical triangle pattern and it has currently reached the end of its pattern. During the next week we could probably see big movements on this pair!

In the daily time frame, since September 2020, the price has been moving following a strong secondary trendline, bouncing many times on its dynamic support line and reaching few times the resistance zone at about 1.75000, without break it.
It has currently retesting the same zone and there is a possibility of a bearish movement.

In the h4 time frame, on the 8th of January 2021, the price got a strong positive impulse that moved it up until the main resistance zone . After a clear rejection on that area, the price started growing more and is now trying to retest the same level.
Once the price will reach the resistance zone , the next price action will be essential to understand the next market movement.

πŸ”΄Conclusion:
This pair is very close to the end of its weekly triangle pattern and in a long term I'm confident to see the price growing more.
There is still a possibility of a trend correction if the price eventually will get a new rejection on the resistance level , and only considering this condition I'll start planning my short position on this trade.

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⚠️
Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni



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