GBPCAD SHORT

MY ANALYSIS ON GBPCAD

My Analysis on this pair::

Based on the current technical setup, this pair exhibits bullish structure; however, the price is testing a critical resistance zone coinciding with the 61.8% Fibonacci retracement level. While the broader trend appears upward, the confluence of resistance at this key Fibonacci level introduces significant downside risk, leading me to adopt a cautious bearish bias.

Given the conflicting signals between bullish momentum and strong resistance, I recommend exercising caution with position sizing if considering a contrarian bearish trade. Trading against the trend carries elevated risk, and adhering to strict risk management (e.g., tight stop-loss parameters) would be prudent in this scenario.

To refine this assessment, I would appreciate your perspective: Do you interpret this price action as a bullish continuation signal, or do you share concerns about potential rejection at the Fibonacci resistance? Your insights on this pair’s direction would be valuable.