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Weekly forecast British Pound / Canadian Dollar technical chart
Symbol GBPCAD

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Trade Setup
#GBPCAD:
Total Loss: 3400 pip
Closed trade(s): 3400 pip Loss

Trade Setup:
We opened 10 BUY trade(s) @ 1.6845 (day close price) based on 'Two-day reversal candle (Hammer)' at 2019.06.21 signaled by DTO:
https://www.ForecastCity.com/forecasts/Forex/daily-trading-opportunity/G...

Total Loss:
SL @ 1.6505 touched at 2019.07.02 with 340 pip Loss.
Loss for one trade is 1.6845(open price) - 1.6505(close price) = 340 pip
Therefore total loss for trades is 340 x 10 = 3400 pip

Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.
DateJuly 6, 2019 - 21:23
Currentdowntrend
Forecastcontinuation of downtrend

Midterm forecast:

  • While the price is below the resistance 1.65750, continuation of downtrend is expected.
  • We make sure when the support at 1.60000 breaks.
  • If the resistance at 1.65750 is broken, the short-term forecast -continuation of downtrend- will be invalid.

Technical analysis:

  • While the RSI resistance #1 at 43 is not broken, the probability of price increase would be too low.
  • A peak is formed in daily chart at 1.6850 on 06/25/2019, so more losses to support(s) 1.6230 and minimum to Major Support (1.6000) 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 21.

Supports and Resistances:

  1. 1.8415
  2. 1.8050
  3. 1.7725
  4. 1.7535
  5. 1.7315
  6. 1.7175
  7. 1.7090
  8. 1.6975
  9. 1.6900
  10. 1.5755
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.