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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.

DateJuly 24, 2022 - 22:52
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.52000, beginning of uptrend is expected.
  • We make sure when the resistance at 1.60016 breaks.
  • If the support at 1.52000 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • There is a divergence in RSI and price between the trough at 1.5482 on 2022-06-14 and the trough at 1.53491 on 2022-07-22, the probability of downtrend continuation is decreased and the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 1.53490 on 07/22/2022, so more gains to resistance(s) 1.56132, 1.57750 and maximum to Major Resistance (1.60016) 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 45.

Supports and Resistances:

  1. 1.80078
  2. 1.76000
  3. 1.73728
  4. 1.69541
  5. 1.66382
  6. 1.61707
  7. 1.60016
  8. 1.57750
  9. 1.56132
Click on the level to view price action history.