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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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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 2, 2019 - 17:52
Currentrange bound
Forecastbeginning of downtrend

Midterm forecast:

  • While the price is below the resistance 1.75350, beginning of downtrend is expected.
  • We make sure when the support at 1.65950 breaks.
  • If the resistance at 1.75350 is broken, the short-term forecast -beginning of downtrend- will be invalid.

Technical analysis:

  • The RSI bounced from the resistance #1 at 63 and it prevented price from more gains.
  • A peak is formed in daily chart at 1.7520 on 01/25/2019, so more losses to support(s) 1.7055, 1.6825 and minimum to Major Support (1.6595) 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 47.

Supports and Resistances:

  1. 1.8415
  2. 1.8050
  3. 1.7740
  4. 1.7535
  5. 1.7445
  6. 1.7300
  7. 1.7055
  8. 1.6825
  9. 1.6230
  10. 1.5755
  11. 1.5285
  12. 1.4830
Click on the level to view price action history.