GBPCAD retracement SELL to set up the BUY continuation

20 Kas 2022

Happy Holidays Traders this is my breakdown on GBPCAD as you can see price broke through the resistance zone I have marked up in RED but we do see that price couldn't close above that zone. Looking at the the current bullish uptrend GC has seen as of recently, I do believe we will see a retracement to the downside anywhere between a 30-200 pip drop to the support level before shooting back up. If you look at the 4hr chart you'll see that price held support between 1.57072 & 1.57503 which would be a full 100% retrace if price drops to those price levels. So as of right now I've currently got price dropping between 61.8%-78.6% before we see another push to the upside. My overall BIAS for the week is BULLISH because I do see what I would call an inverse head & shoulders on the weekly chart. Keep in mind this not financial advice and this is just my outlook on the market.

GBPCAD Sell
Look to see how the current 1Hr/4Hr candles react at market open if you see confirmation to the downside then Sell
Market Execution
TP. 1.58773-1.57212
SL. 1.59492

GBPCAD Buy WEEKLY MAJOR SWING SETUP
Pending Buy Limit 1.57523
TP. 1.66480
SL. 1.56960