GBPCAD H1 | Potential bearish continuation
Title:
GBPCAD H1 | Potential bearish continuation
Type:
Bearish reversal
Preference:
The price could make a short-term pullback towards the pivot at 1.8399, a pullback resistance level that aligns with the 50% Fibonacci retracement. A reversal at this level could lead the price toward the 1st support at 1.8309, a pullback support.
Alternative Scenario:
If the price breaks above the pivot, it could rise toward the 1st resistanceat 1.8456, a pullback resistance.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.