Did you miss the breakdown of this trend line on GBP/CAD?
If you are still bearish, you may have an opportunity to catch the sell-off on this pullback.
Check out these resistance levels as the pound bears may be looking to jump in.
Trade the GBP/CAD for the hour Planned by TV
As you can see on the hourly time frame of the pair, the price has fallen through an ascending trend line that has been stable for the past two weeks.
The GBP/CAD fell right before finding a floor at 1.6623 and falling again. Using the Fibonacci tool shows potential levels where the downward pressure could return.
The price is already closing at 38.2% Fibonacci near 1.6750, a secondary psychological sign, and holding as a ceiling could bring the pair back down to the swing low or lower.
The higher correction could reach the 50% level at 1.6778 or 61.8% Fibonacci retracement and this is a right slap in line with the previous trend line and the dynamic inflection points at the moving averages.
100 SMA of juice It made a bearish crossover from the 200 SMA to signify a change in trend, hinting that resistance levels are more likely to hold than break.
At the same time, the stochastic has reached the overbought zone to reflect exhaustion among the buyers, so the pair could follow suit once the oscillator moves south.
Better to take Average volatility of GBP/CAD in mind when playing this game!