First, let us cover some historical points in GBP/CAD's near history. It seems we finally broke out from the consolidation zone. A nice downtrend is forming as the price action created a lower high on the 21st of February. Since then, the price started its journey to the bottom. It broke 38.2, 50, and 61.8% of Fibonacci retracement. We can even see a strong chart pattern, a double top with neckline broken. That shows down movement for us. We expect 1.66000 to be a strong pivot point. If confirmed, that would make it an excellent place to enter a long position. We recommend using the ATR indicator to find stop loss. As price moves in your direction, move your stop loss. That could be a great wave to catch.
Use this information at your own risk. This analysis is to point out the high probability key points. For day traders, it is crucial to know the bigger picture. Have fun trading!
Use this information at your own risk. This analysis is to point out the high probability key points. For day traders, it is crucial to know the bigger picture. Have fun trading!