GBPCAD - Weekly Forecast - Technical Analysis & Trading Ideas!

Midterm forecast (Daily Time-frame):

While the price is below the resistance 1.82310, beginning of downtrend is expected.

Technical analysis:

• A peak is formed in daily chart at 1.82320 on 12/19/2024, so more losses to support(s) 1.79228, 1.78439, 1.76819 and minimum to Major Support (1.74790) is expected.
  

Take Profits:

1. 1.79228
   
2. 1.78439
   
3. 1.76819
   
4. 1.75765
   
5. 1.74790
   
6. 1.72705
   
7. 1.70900
   
8. 1.69267
   
9. 1.67670
   
10. 1.65599
    
11. 1.63703
    
12. 1.60894
    

Short-term forecast (H4 Time-frame):

• A Head and Shoulder Reversal Pattern has formed and the neckline has also been broken.
  
• Price is touching the neckline again.
  
• It is very likely that the downward wave will start from this area.
  

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