GBPCAD Will Move Lower! Short!

26 abr

Here is our detailed technical review for GBPCAD.

Time Frame: 6h
Current Trend: Bearish
Sentiment: Overbought (based on 7-period RSI)
Forecast: Bearish

The market is testing a major horizontal structure 1.708.

Taking into consideration the structure & trend analysis, I believe that the market will reach 1.699 level soon.

P.S
The term oversold refers to a condition where an asset has traded lower in price and has the potential for a price bounce.
Overbought refers to market scenarios where the instrument is traded considerably higher than its fair value. Overvaluation is caused by market sentiments when there is positive news.

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27 abr

Nota

Great beginning for a trade, let’s hope it goes further!