16.04.202111:06 Forex Analysis & Reviews: GBPCAD reacting below descending trendline resistance! Drop incoming!

Exchange Rates 16.04.2021 analysis

GBPCAD reacting below descending trendline resistance. A short term drop below our 1st resistance at 1.72977 towards 1st support at 1.72371 could be possible.Stochastic is testing resistance where price reacted in the past as well.

Trading Recommendation

Entry: 1.72977

Reason for Entry:

78.6% Fibonacci retracement, Descending trendline resistance

Take Profit: 1.72371

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.73555

Reason for Stop Loss:

Graphical swing high

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Dean Leo,
Especialista em análise
do Grupo InstaForex © 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Show more
Não pode falar agora?
Faça sua pergunta no chat.