The GBPCAD pair has recently experienced a major bullish wave, with the price line showing a significant upward trend. However, the price line has now reached a strong resistance zone, and the RSI is showing negative divergence. This indicates that the bullish momentum may be slowing down, and a bearish trend reversal could be on the horizon. Traders should pay close attention to this development and carefully monitor the price action over the coming days and weeks. If the price line fails to break through the resistance zone, it could indicate a significant shift in market sentiment, potentially leading to a bearish trend reversal. As always, traders should exercise caution and consider implementing risk management strategies to protect against potential losses.
• There is a resistance level at 1.71510 followed by resistance at 1.72470 and 1.73333.
• There is a support level 1.70000. Below, there is 1.69125 and 1.68440.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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