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Weekly forecast British Pound / Canadian Dollar technical chart

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Trading suggestion:

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

DateFebruary 28, 2021 - 15:27
Currentrange bound
Forecastbeginning of downtrend
Last weekBullish

Midterm forecast:

  • While the price is below the resistance 1.8050, beginning of downtrend is expected.
  • We make sure when the support at 1.7435 breaks.
  • If the resistance at 1.8050 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A trough is formed in daily chart at 1.7349 on 02/03/2021, so more gains to resistance(s) 1.7790 and maximum to Major Resistance (1.8050) is expected.
  • Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
  • Relative strength index (RSI) is 62.

Supports and Resistances:

  1. 1.8050
  2. 1.7435
  3. 1.7165
  4. 1.6975
  5. 1.6770
  6. 1.6585
  7. 1.6190
  8. 1.5875
Click on the level to view price action history.