GBPCAD potential basing pattern?
GBPCAD has had a prolonged downtrend, and is failing to make new lower highs and lower lows. A sign the trend may be exhausting at the 1.6000 zone.
Will assess the trade once we get a nice break and close above the 1.6090 zone. Be patient.
If you zoom out on the daily chart, you can see we are not really at a big support level. This big support level is actually lower at 1.5850 zone. If we break into new lower lows, look for support to come at this zone.
Will assess the trade once we get a nice break and close above the 1.6090 zone. Be patient.
If you zoom out on the daily chart, you can see we are not really at a big support level. This big support level is actually lower at 1.5850 zone. If we break into new lower lows, look for support to come at this zone.