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FxWirePro: GBP/CAD Trade idea

  • Major resistance – 1.7300 (trend line joining 1.75930 and 1.75230).
     
  • GBP/CAD broken minor trend line resistance at 1.6800 on Apr 18th 2017 and jumped sharply till 1.72813 on Apr 19th 2017.
     
  • The pair is facing strong medium term descending trend line resistance at 1.7290 and any break above confirms further bullish continuation, a jump till 1.7520 is likely.
     
  • On the lower side, near term support is around 1.7170 and any violation below will drag the pair down till 1.7090 (23.6% retracement of 1.65149 and 1.72813)/1.7000.
     
  • Short term bullish invalidation only below 1.6500.

    It is good to buy above 1.72900 with SL around 1.7230 for the TP of 1.7500/1.7530

Resistance                                                                         

R1-1.7290              

R2 -1.7480

R3- 1.7520

Support                   

S1-1.7170

S2-1.7090

S3-1.7000

 

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