• Vasily Trader

GBPCAD: Top-Down Analysis & Trading Plan

GBPCAD is trading in a bearish trend .

The price is steadily falling within an expanding wedge pattern.

Reaching 1.674 low, the price bounced.

At the moment bulls are approaching a strong supply zone (blue zone).

The blue zone on a chart is based on a match between a horizontal daily structure resistance

and a falling resistance of the wedge .

The next bearish move will most likely start from that zone.

To catch it wisely, monitor hourly time frame.

1.686 - 1.687 is a minor support.

We need its bearish breakout (hourly candle close below) as our trigger to sell.

Intraday goals will be 1.6815 / 1.677

In case of a bullish breakout of the wedge , the setup will be invalid.

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