GBPCAD - Approaching A Strong Resistance 🔎

18 Ağu 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

GBPCAD has been overall bullish trading inside the rising channel in orange, however it is currently approaching around the upper trendline.

Moreover, the zone 1.74 is a strong resistance.

🏹 So the highlighted red circle is a strong area to look for sell setups as it is the intersection of the blue resistance and upper orange trendline acting as a non-horizontal resistance.

As per my trading style:
As GBPCAD approaches the orange circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich