GBPCAD is preparing for a good breakout?
As previously posted, GBPCAD reached 1.7080-1.7120 area. (See my previous analysis for GBPCAD for reference)
The next question is, where will GBPCAD go next?
Both technical and fundamental seems to agree that it will move into higher price. However, due to market fears of Omicron will erupt in UK, the current area (1.7030-1.7080) acts as a very strong resistance.
As GBPCAD consolidates in the current price level (1.7060), it looks to me that it is preparing for a huge breakout soon. If not, it should touch the 4HTF trendline before breaking out to DTF trendline.
What do you think about GBPCAD? Do you have the same thoughts as mine? Feel free to comment down. I want to learn more about your perspective as well :)
The next question is, where will GBPCAD go next?
Both technical and fundamental seems to agree that it will move into higher price. However, due to market fears of Omicron will erupt in UK, the current area (1.7030-1.7080) acts as a very strong resistance.
As GBPCAD consolidates in the current price level (1.7060), it looks to me that it is preparing for a huge breakout soon. If not, it should touch the 4HTF trendline before breaking out to DTF trendline.
What do you think about GBPCAD? Do you have the same thoughts as mine? Feel free to comment down. I want to learn more about your perspective as well :)
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