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GBP/CAD Technical analyse/ Fibonacci retracement


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Broke through 1st support level @1774 and closed below confirming the downtrend started last week, a rebound and a possible long-term opportunity may arise soon with an entry @15688, stop @15572, limit1 @15800, limit2 @15960, limit3 @16175 (likely to form an inverted head and shoulder pattern once it reaches the last support level presented on this chart)

Fibonacci retracement was also used for analysing the GBP/CAD trend on a 1d, 4h and 1h charts. Not a financial advice, just a personal analyse and visual interpretation of a related plan/ chart!

GBP_CAD_20220603_17.57.png

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2 hours ago, MongiIG said:

Hi @RomPathsSwap

Thanks for sharing!

Where to for GBP/CAD as UK Prime Minister faces vote of no confidence?

 

All the best - MongiIG

Hi @MongilG

As a trader and investor, I personally prefer to be driven by volume and and other technical indicators rather than try to anticipate the market maker move which also sets the trend based on financial info instead of...political sentiments, I wish I would have been able to provide you an answer or expand the subject, unfortunately in my opinion there isn't anyone to be judged as individual, there'll always be others around with the capacity and even duty to correct and revise wrong decisions, on the other side Conspiration Theory has always been a success amongst people, good examples are the tales and stories, they might or might not be fictive, however the most successful are those that contain uncertainty, suspense and unexpected finals.   

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On 06/06/2022 at 20:59, RomPathsSwap said:

Hi @MongilG

As a trader and investor, I personally prefer to be driven by volume and and other technical indicators rather than try to anticipate the market maker move which also sets the trend based on financial info instead of...political sentiments, I wish I would have been able to provide you an answer or expand the subject, unfortunately in my opinion there isn't anyone to be judged as individual, there'll always be others around with the capacity and even duty to correct and revise wrong decisions, on the other side Conspiration Theory has always been a success amongst people, good examples are the tales and stories, they might or might not be fictive, however the most successful are those that contain uncertainty, suspense and unexpected finals.   

Ups...

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