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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

Download MT4 template file

Trade Setup

#GBPCAD
Total Profit: 8269 pip
Closed trade(s): 8269 pip Profit
Open trade(s): 0 pip Profit

Trade Setup:
We opened 11 SELL trade(s) @ 1.7933 (day close price) based on 'Two-day reversal candle (Shooting Star)' at 2018.04.17 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Closed Profit:
TP1 @ 1.7820 touched at 2018.04.19 with 113 pip Profit.
TP2 @ 1.7535 touched at 2018.05.01 with 398 pip Profit.
TP3 @ 1.7425 touched at 2018.05.03 with 508 pip Profit.
TP4 @ 1.7125 touched at 2018.05.22 with 808 pip Profit.
TP5 @ 1.6825 touched at 2018.08.06 with 1108 pip Profit.
113 + 398 + 508 + 808 + 1108 = 2935 pip

Closed Profit:
Profit for one trade is 1.7933(open price) - 1.7044(current price) = 889 pip
6 trade(s) closed at market price as trend direction is changed, therefore total profit will increase by 889 x 6 = 5334 pip

Trading suggestion:

There is possibility of temporary retracement to suggested Trend Hunter Buy Zone (1.6825 to 1.6595). We wait during the retracement, until the price tests the zone, whether approaching, touching or entering the zone.

We would set buy orders based on Daily-Trading-Opportunities and expect to reach short-term targets.

  • Beginning of entry zone (1.6825)
    • Resistance on 03/27/2017
    • Resistance on 03/28/2017
    • Support on 06/13/2017
    • Support on 06/14/2017
    • Support on 06/15/2017
    • Support on 06/19/2017
    • Resistance on 06/20/2017
    • Support on 06/27/2017
    • Support on 06/28/2017
    • Support on 06/29/2017
    • Support on 06/30/2017
    • Support on 07/03/2017
    • Resistance on 07/04/2017
    • Resistance on 07/05/2017
    • Support on 10/30/2017
    • Resistance on 11/07/2017
    • Resistance on 11/08/2017
    • Resistance on 11/15/2017
    • Support on 01/05/2018
    • Support on 01/08/2018
    • Support on 01/09/2018
    • Support on 01/10/2018
    • Support on 08/06/2018
    • Resistance on 08/21/2018
    • Resistance on 08/22/2018
    • Resistance on 08/23/2018
    • Resistance on 08/29/2018
    • Support on 09/04/2018
    • Resistance on 10/04/2018
    • Resistance on 10/31/2018
  • Ending of entry zone (1.6595)
    • Resistance on 11/08/2016
    • Support on 11/10/2016
    • Support on 11/21/2016
    • Support on 11/22/2016
    • Support on 11/30/2016
    • Support on 12/08/2016
    • Support on 12/13/2016
    • Support on 12/14/2016
    • Support on 12/19/2016
    • Resistance on 01/02/2017
    • Resistance on 01/23/2017
    • Resistance on 01/24/2017
    • Resistance on 01/26/2017
    • Resistance on 03/20/2017
    • Support on 03/31/2017
    • Support on 04/12/2017
    • Support on 04/13/2017
    • Resistance on 07/12/2017
    • Resistance on 07/14/2017
    • Resistance on 07/17/2017
    • Resistance on 07/18/2017
    • Resistance on 09/15/2017
    • Resistance on 09/18/2017
    • Support on 09/22/2017
    • Support on 09/25/2017
    • Support on 09/26/2017
    • Support on 09/27/2017
    • Support on 09/29/2017
    • Support on 10/02/2017
    • Resistance on 10/13/2017
    • Resistance on 10/16/2017
    • Resistance on 10/17/2017
    • Support on 11/13/2017
    • Support on 08/14/2018
    • Support on 08/15/2018
    • Trough on 08/29/2018
    • Support on 08/29/2018
    • Trough on 10/02/2018
    • Support on 10/02/2018
DateNovember 4, 2018 - 23:24
Currentrange bound
Forecastbeginning of uptrend

Midterm forecast:

  • While the price is above the support 1.65950, beginning of uptrend is expected.
  • We make sure when the resistance at 1.72850 breaks.
  • If the support at 1.65950 is broken, the short-term forecast -beginning of uptrend- will be invalid.

Technical analysis:

  • The RSI bounced from the support #1 at 37 and it prevented price from more losses.
  • A trough is formed in daily chart at 1.6640 on 10/30/2018, so more gains to resistance(s) 1.7055 and maximum to Major Resistance (1.7285) 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 55.

Take Profits:

  1. 1.7055
  2. 1.7285
  3. 1.7445
  4. 1.7740
  5. 1.8050
  6. 1.8415
Click on the level to view price action history.
Symbol Released Current Forecast
British Pound / Canadian Dollar (GBPCAD) 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.