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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD
Trade Setup

#GBPCAD
Total Profit: 2782 pip
Closed trade(s): 1585 pip Profit
Open trade(s): 1197 pip Profit

Trade Setup:
We opened 14 BUY trades @ 1.51964 based on 'Valley' entry method at 2022-09-29.

Closed Profit:
TP1 @ 1.53011 touched at 2022-09-30 with 105 pip Profit.
TP2 @ 1.54027 touched at 2022-09-30 with 207 pip Profit.
TP3 @ 1.54846 touched at 2022-10-03 with 289 pip Profit.
TP4 @ 1.56132 touched at 2022-10-13 with 417 pip Profit.
TP5 @ 1.57628 touched at 2022-10-26 with 567 pip Profit.
105 + 207 + 289 + 417 + 567 = 1585 pip

Open Profit:
Profit for one BUY trade is 1.53293(current price) - 1.51964(open price) = 133 pip
9 trade(s) still open, therefore total profit for open trade(s) is 133 x 9 = 1197 pip

Trading suggestion:

  • We have already opened Buy trades, based on Trend Hunter Strategy, trade setup is drawn on the chart and shows entry and targets.
DateNovember 6, 2022 - 06:43
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.51036, beginning of uptrend is expected.
  • We make sure when the resistance at 1.60016 breaks.
  • If the support at 1.51036 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI downtrend #1 is broken, so the probability of beginning of uptrend is increased.
  • A trough is formed in daily chart at 1.53135 on 10/21/2022, so more gains to resistance(s) 1.54027, 1.54846, 1.56132 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.

Take Profits:

  1. 1.53011
  2. 1.54027
  3. 1.54846
  4. 1.56132
  5. 1.57628
  6. 1.60016
  7. 1.61707
  8. 1.65062
  9. 1.66382
  10. 1.69541
  11. 1.73728
  12. 1.76000
  13. 1.80078
Click on the level to view price action history.
Symbol Released Current Forecast
British Pound / Canadian Dollar (GBPCAD) new Sun, 14 Apr 2024
British Pound / Canadian Dollar (GBPCAD) Sun, 7 Apr 2024
British Pound / Canadian Dollar (GBPCAD) Sat, 30 Mar 2024
British Pound / Canadian Dollar (GBPCAD) Mon, 25 Mar 2024
British Pound / Canadian Dollar (GBPCAD) Sun, 17 Mar 2024
History
Daily-Trading-Opportunities on GBPCAD.