GBPCAD Analysis 11/05/2023
BRITHISH POUND / CANADIAN DOLLAR H4 Time Frame
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.67965-1.68375
Nearest Resistance Area = 1.69950-1.70380
Overall Bias = Long
Short Term Target = 1.67965-1.68375
Ideal Target = 1.69950-1.70380
Invalidation Level = 1.67350
Notes :
GBPCAD finalized our pound ideas today where its structure is similar to GBPJPY where price is in a long term uptrend and is currently retesting its RBS level (Previous Resistance Becomes Support) after it broke out of a range consolidation area late of last month.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct slightly to its cluster of Fibonacci, Support Level, and Moving Average area before continuing its trend higher with an ideal target around 1.69950-1.70380. This scenario will still be valid as long as price stays above 1.67350.
The 2nd "Worst Case" Scenario is the red paths where price ends up breaking down below its support cluster and continues lower to 1.65400-1.65777.
And once again a reminder that later on the Bank Of England will also discuss another possible interest rate hike of around 25 Basis points to 4.5% which could effect price positively.
Major Trend = Uptrend
Minor Trend = Downtrend
Nearest Support Area = 1.67965-1.68375
Nearest Resistance Area = 1.69950-1.70380
Overall Bias = Long
Short Term Target = 1.67965-1.68375
Ideal Target = 1.69950-1.70380
Invalidation Level = 1.67350
Notes :
GBPCAD finalized our pound ideas today where its structure is similar to GBPJPY where price is in a long term uptrend and is currently retesting its RBS level (Previous Resistance Becomes Support) after it broke out of a range consolidation area late of last month.
Our 1st Main & "Ideal" Scenario is the black paths where price is predicted to correct slightly to its cluster of Fibonacci, Support Level, and Moving Average area before continuing its trend higher with an ideal target around 1.69950-1.70380. This scenario will still be valid as long as price stays above 1.67350.
The 2nd "Worst Case" Scenario is the red paths where price ends up breaking down below its support cluster and continues lower to 1.65400-1.65777.
And once again a reminder that later on the Bank Of England will also discuss another possible interest rate hike of around 25 Basis points to 4.5% which could effect price positively.
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