MerlionFX | GBPCAD possible move
GBPCAD is currently trading in a bullish trend in an ascending channel. Last week, prices have risen and have touched the ascending channel trendline & tested the previous resistance twice, i am expecting this pair to rise further in the future to test the next resistance (1.714 levels).
Because RSI is overbought on the 4H timeframe and price has rejected previous resistance twice, the chances of it dropping from this level is highly likely. Hence, i will be waiting to enter a short position to take a nice ride down to retest the previous support levels.
Because RSI is overbought on the 4H timeframe and price has rejected previous resistance twice, the chances of it dropping from this level is highly likely. Hence, i will be waiting to enter a short position to take a nice ride down to retest the previous support levels.
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