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
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