ad
Forex Brokers Award 2020
Vote your favourite broker
Trade 100 Bonus - the best offer on Forex market

Can GBPCAD Orchestrate A Meaningful Bounce?

Mar 23 2020, 06:28 PM (+06) | Orbex.com

It’s been a roller coaster ride for GBPCAD. The pair has carved a huge range with a potential temporary base at 1.6300, and a potential temporary top at 1.800.

The daily chart above suggests that, since we are trading under the 1.7000 handle, we can expect lower lows extending towards the 1.6300 handle.

The long-term ascending channel (blue) is likely to stop prices moving higher until we see a break. The current channel pins a steeper range between 1.7000 and 1.6300. A fruitful break and close above 1.7000 could spur rallies towards the 1.7600 handle.

The next bull objective would then be a test of the 1.8000 handle.

We can also see a rejection of prices for three days in a row at the 1.7000 handle, putting pressure on the pair.

The 2-hour chart below suggests that prices are still pressured to the lower side for the time being. The 1.6670 level comes in as immediate support followed by the 1.6580.

A break under the latter exposes a run towards the lows of last week, with focus turning further lower towards the 1.6300 handle as indicated by the daily chart.

The 1.6920 comes in as an immediate resistance with a break higher putting the 1.7000 handle back into focus.

Overall, a test to around the 1.6300  level can potentially form a base for a rally to commence.

Orbex.com

At Orbex, the client is at the heart of everything we do and everything we do is designed to guarantee your satisfaction. Here’s how Forex Trading with Orbex will enhance your trading experience: Best-in-class customer service, including live chat and free webcall One-hour response time for sales and support requests Multiple asset trading and ECN accounts on MT4 0.9 pip fixed spread at ZERO commission Up to 1:500 leverage
ad