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flag ★ GBPCAD potential for further upside

Forex Analysis:::2021-06-30T06:47:53

GBPCAD potential for further upside

 GBPCAD potential for further upside

GBPCAD is appraoching 1st support which is our horizontal overlap support in line with 50% Fibonacci retracement and 61.8% Fibonacci extension . Prices might push up towards horizontal swing high resistance in line with 78.6% Fibonacci retracement and 78.6% Fibonacci extension . If prices continue to push down, prices might take support on horizontal swing low support in line with 127.2% Fibonacci extension . Ichimoku cloud is also below prices, showing a bullish pressure for prices.

Trading Recommendation

Entry: 1.71447

Reason for Entry:

Horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement

Take Profit: 1.72128

Reason for Take Profit:

Horizontal swing high resistance, 78.6% Fibonacci retracement, 78.6% Fibonacci extension

Stop Loss: 1.70969

Reason for Stop Loss:

Horizontal swing low support, 127.2% Fibonacci extension

Analyst InstaForex
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