GBPCAD – Triple Tap Trouble!

[theSignalyst]

GBPCAD has been trading within a well-defined range, with price rejecting the 1.8850 resistance zone multiple times in the past.

Each test of this area has led to strong bearish moves, highlighting its significance as a supply zone.

Here’s what the chart shows:

Resistance Zone: Price is approaching the upper bound of the range, where sellers have consistently stepped in.

Support Zone: The 1.8300 area remains a solid demand zone, holding price higher on several occasions.

Rising Channel: The latest bullish leg is developing inside an ascending channel, but momentum is slowing near resistance.

️ Short Opportunity: As long as price trades below the resistance, the area remains attractive for short setups targeting the mid-range or lower bound.

Confirmation with bearish candlestick patterns will strengthen the case for a downside move.

Will GBP/CAD respect its range and roll over once again, or will the bulls finally break through?

This analysis is for educational purposes only, not financial advice. Always manage risk properly before taking trades.

Stick to your trading plan regarding entries, risk management, and trade execution.

Good luck!

All Strategies Are Good; If Managed Properly!
~Richard Nasr