GBP/CAD May Drop Soon
Hello there Trading212 CFD’s traders? Hope you’re all doing well!
Recently, the GBP/CAD pair stuck in an extremely important region.
Remember that supports and resistances are Price REGIONS, not lines with a specific price (although Forex pairs love round prices)
In my humble analysis, I would like to show you my sincere look at this pair (GBP / CAD)
From a daily perspective, we can see that the price has been fluctuating between ~ 1.72 and ~ 1.77 from a good time already.
It tried to break it in ~ March, 2020 but it refused, sending it back to the important region.
If you notice, the pair can go down more easily than trying to break it up.
By the way, it keeps trying to break it up since 2017 !!!
What I’m personally looking for?
If I’m shorting from here, I’d clearly set my exit near to ~ 1.60 and the protection using ATR indicator with the value of 10 as the period.
But how about you!?
Have you been looking at this pair recently?
What do you think about it?