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Gbpcadshort

GBPCAD facing bearish pressure, potential for further downside!Price is facing bearish pressure as it continues to hold below the descending trendline resistance, in line with our bearish bias. We could potentially see a reversal at 1st resistance, which is in line with our 61.8% Fibonacci retracement, 50% Fibonacci extension and horizontal pullback resistance, and a further drop towards 1st support, in line with our 78.6% Fibonacci retracement, 61.8% Fibonacci extension and horizontal swing low support. Stochastics is also approaching the upper resistance level at 86.80 where it has reacted off before, in line with our analysis. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Short
by TradeGATEHub
GBP/CAD Is About To Be Smashed By Sellers 🔨🔨🔨💡 Trade Idea 📉 GBP/CAD | Sell Limit Order @ 1.7432 🎯 Target Profit 1.7310 🛑 Stop Loss 1.74933 ❌ Do not risk more than 1% of your account on each trade 🙂 Good Luck ! Description: The price was trading to the downside by posting lower lows and highs. Recently it posted a correction count in a form of a bearish flag pattern. We have an area of confluence between the 50% Fibonacci retracement level & the resistance around the 1.7432 USD level. This could lead to a move downward again to the 1.7310 USD. ------------------------------------------------------------------------------------- Please press “Like” if you appreciate the trading idea 👍 “Follow” for more trading ideas in the future 👀 “Comment” below to share your thoughts with us and other traders 👥 ------------------------------------------------------------------------------------- Risk Disclaimer: All trading ideas published by “collegeofpips” are for educational purposes only. These posts can help you to enhance your trading skills, but please do your own research before opening any trading position. ⚠️
Short
by CollegeofPips
2
GBP/CAD | Potential Downward Movement 🔨🔨🔨Technical Analysis: The price on the daily time frame is posting lower lows and highs which shows that we are in a downtrend. Lately, the pair posted a correction count toward the daily resistance. By looking on the lower time frame we can see that this correction has a form of bearish flag formation that coincide with a 50% Fibonacci retracement level. This could cause a move downward toward the 1.7310 USD mark. ------------------------------------------------------------------------------------- Trade Idea: Sell Limit Order @ 1.7432 Take Profit @1.7310 Stop Loss @ 1.7493 Trade Safely 🙂
Short
by Forex-Robot-Nation
6