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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 9, 2019 - 22:52
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 uptrend #1 and it prevented price from more losses.
  • While the RSI resistance #2 at 63 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 1.6960 on 02/06/2019, so more gains to resistance(s) 1.7300, 1.7445 and maximum to Major Resistance (1.7535) 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 51.

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.