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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Trading suggestion:

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

DateMay 1, 2022 - 18:49
Currentrange bound
Forecastresumption of downtrend

Midterm forecast:

  • While the price is below the resistance 1.66000, resumption of downtrend is expected.
  • We make sure when the support at 1.59100 breaks.
  • If the resistance at 1.66000 is broken, the short-term forecast -resumption of downtrend- will be invalid.

Technical analysis:

  • A trough is formed in daily chart at 1.59100 on 04/29/2022, so more gains to resistance(s) 1.61900, 1.62950, 1.63850 and maximum to Major Resistance (1.66000) 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 39.

Supports and Resistances:

  1. 1.76000
  2. 1.74227
  3. 1.72630
  4. 1.71670
Click on the level to view price action history.