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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateMay 30, 2020 - 22:53
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.65400, beginning of uptrend is expected.
  • We make sure when the resistance at 1.80500 breaks.
  • If the support at 1.65400 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI bounced from the support #1 at 33 and it prevented price from more losses.
  • While the RSI downtrend #2 is not broken, bearish wave in price would continue.
  • A peak is formed in daily chart at 1.7700 on 05/01/2020, so more losses to support(s) 1.6975, 1.6770 and minimum to Major Support (1.6540) is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 42.

Supports and Resistances:

  1. 1.8415
  2. 1.7535
  3. 1.7315
  4. 1.6770
  5. 1.6540
  6. 1.5735
Click on the level to view price action history.