05.03.202111:57 Forex Analysis & Reviews: GBPCAD holding above ascending trendline support. Further bounce incoming!

Exchange Rates 05.03.2021 analysis

Price holding above ascending trendline support. A short term intraday bounce above 1st support at 1.75907 towards recent swing high and 1st resistance at 1.76698 can be expected. Stochastic is reacting above support where price bounced in the past as well.

Trading Recommendation

Entry: 1.75907

Reason for Entry:

78.6% Fibonacci retracement, ascending trendline support

Take Profit: 1.76698

Reason for Take Profit:

Graphical swing high resistance

Stop Loss: 1.75525

Reason for Stop Loss:

Graphical swing low

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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