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GBPCAD Overview: Bearish Swan And Trendline Breakout

GBPCAD Overview: Bearish Swan And Trendline Breakout

  • GBP gained weight due to Brexit optimism that appeared by the UK General Elections Polls.
  • CAD GDP came better than expected.
  • Falling Oil prices added weight on CAD.

Technically:

  • The trend is Bullish.
  • 1.71250 is the key intraday support confirmed by EMA 50 H4.
  • The downside is capped by SMA200 H4 at 1.69860
  • Bearish Swan Pattern worked as predicted and the price achieved the second target.
  • A potential bearish breakout of the trendline would send the price 1.70950 1.70560 and 1.70300.
  • If the price fails to break below 1.70250, the targets of the pair will be 1.72110, 1.72770 and 1.73300.
  • Bearish three drives pattern at 1.73300 can be used as a selling opportunity.

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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility

 

 

 

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Ercu Kartas

Treasury Department Dealer Technical Analyst FX Trader

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