💱GBPCAD - Symmetrical triangle will provide upside potential

15 באוג׳ 2023

GBPCAD is forming a retest of resistance at 1.71041. The price is preparing for further strengthening along the trend. After the correction a set-up is formed which may give the market an impulse to 1.7216 in the near future

TA on the high timeframe:
1) The correction from 1.7222 ends with consolidation in the range of 1.710 - 1.690
2) After a false breakout, the price forms a retest of resistance
3) A pre-breakout consolidation is formed

TA on the low timeframe:
1) A symmetrical triangle is formed on the chart with downward resistance and upward support.
2) Another retest is forming and trading volumes are increasing
3) The market is preparing for a breakout, it is important for us to wait for a break of 1.71000 and price consolidation above the level.

Key support📉: 1.70540, 1.7000
Key resistance📈: 1.71040