GBPCAD : Trendline Break and Key Levels

27 Kas

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In this analysis, I will examine the GBPCAD currency pair from the Forex market. The analysis is conducted on the daily timeframe.

📅 Daily Timeframe: Trendline Break
In the daily timeframe, we observe an uptrend that began after breaking the 1.72778 level, accompanied by an ascending trendline, which pushed the price up to the 1.80922 resistance level.

🧲 After reaching this resistance and experiencing a significant divergence in the RSI, a deep correction occurred. This was marked by the break of the ascending trendline and the activation of the divergence trigger, which has brought the price down to approximately the 1.74497 support level.

📐 The RSI has formed a symmetrical triangle, which has broken downward. Following this, it bounced back from the 30 support level and moved up to the 50 level.

📈 If the RSI stabilizes above 50 and the price consolidates above 1.78076, we can anticipate the next upward leg. In the event of breaking the 1.80922 resistance, the next target will be 1.90188.

📉In the bearish scenario, if the price drops to the 1.72778 support level, the bullish momentum will completely dissipate. Should this support level break, the next targets will be 1.67659 and 1.63796.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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