GBP/CAD is showing signs of exhaustion after a strong rally. Price has hit resistance around 1.87, and rejection at this level aligns with my short setup.
🔹 Reasons for the Short:
✔️ Price struggling to break above key resistance.
✔️ Overbought conditions on the Stochastic Momentum Index (SMI).
✔️ Volume declining, signaling potential weakness in bullish momentum.
🎯 Target: 1.8146
🛑 Stop Loss: 1.8796
If price fails to hold this level, we could see a deeper pullback. Watching closely for further confirmation!
What’s your take on GBP/CAD? 🔥👇
#GBPCAD #ShortTrade #Forex #TechnicalAnalysis #Trading
🔹 Reasons for the Short:
✔️ Price struggling to break above key resistance.
✔️ Overbought conditions on the Stochastic Momentum Index (SMI).
✔️ Volume declining, signaling potential weakness in bullish momentum.
🎯 Target: 1.8146
🛑 Stop Loss: 1.8796
If price fails to hold this level, we could see a deeper pullback. Watching closely for further confirmation!
What’s your take on GBP/CAD? 🔥👇
#GBPCAD #ShortTrade #Forex #TechnicalAnalysis #Trading
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