GBPCAD: Top-Down Analysis & Trading Plan 🇬🇧🇨🇦
Updated
GBPCAD is trading in a bearish trend.
The price is steadily falling within an expanding wedge pattern.
Reaching 1.674 low, the price bounced.
At the moment bulls are approaching a strong supply zone (blue zone).
The blue zone on a chart is based on a match between a horizontal daily structure resistance
and a falling resistance of the wedge.
The next bearish move will most likely start from that zone.
To catch it wisely, monitor hourly time frame.
1.686 - 1.687 is a minor support.
We need its bearish breakout (hourly candle close below) as our trigger to sell.
Intraday goals will be 1.6815 / 1.677
In case of a bullish breakout of the wedge, the setup will be invalid.
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