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Weekly forecast British Pound / Canadian Dollar technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateNovember 21, 2020 - 16:07
Currentrange bound
Forecastbeginning of uptrend
Last weekBullish

Midterm forecast:

  • While the price is above the support 1.6540, beginning of uptrend is expected.
  • We make sure when the resistance at 1.7535 breaks.
  • If the support at 1.6540 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.
  • While the RSI resistance #2 at 58 is not broken, the probability of price increase would be too low.
  • A trough is formed in daily chart at 1.6985 on 11/05/2020, so more gains 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 59.

Supports and Resistances:

  1. 1.8050
  2. 1.7790
  3. 1.7535
  4. 1.7360
  5. 1.6975
  6. 1.5735
Click on the level to view price action history.