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20.01.202112:13 Forex Analysis & Reviews: Daily Video Analysis: GBPCAD is facing bullish pressure, potential for further upside!

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Today we take a look at GBPCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is approaching our buy entry level, in line with our 61.8% Fibonacci retracement and 78.6% Fibonacci extension, and the ascending trendline support. It could potentially bounce from this level and rise further to our take profit levels which are in line with our horizontal swing high resistance levels. It is worth noting that price is holding above the Ichimoku cloud, showing bullish pressure in line with our analysis.

*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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