GBP/CAD Technical Analysis 1H Chart
This pair is right now at a resistance zone between 1.7270 - 1.7300 and the 2 possible scenarios are:
Short:
-RSI is overbought, indicating a possible reversal on this zone;
-If price rejects this resistance with a good confirmation on the 1h chart, we'll be looking for a short position.
-First target around 1.7150
Long:
-If we don't see a good confirmation of the price rejecting this zone, we will wait for a consolidation and see if price breaks the resistance impulsively to the upside;
-If it does break the resistance zone, wait for a retest and look for a long entry.
-First target around 1.7450
Do always use stop-losses and remember this is not financial advice.
Short:
-RSI is overbought, indicating a possible reversal on this zone;
-If price rejects this resistance with a good confirmation on the 1h chart, we'll be looking for a short position.
-First target around 1.7150
Long:
-If we don't see a good confirmation of the price rejecting this zone, we will wait for a consolidation and see if price breaks the resistance impulsively to the upside;
-If it does break the resistance zone, wait for a retest and look for a long entry.
-First target around 1.7450
Do always use stop-losses and remember this is not financial advice.
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