GBP/CAD breaks major trend line support , targets 1.6350
Major support - 1.6650 (trend line joining 1.6568 and 1.66142) GBP/CAD has broken major support 1.6650 and declined sharply till 1.6566 at the time of writing. It is currently trading around 1.6600. On the lower side , m…
Major support - 1.6650 (trend line joining 1.6568 and 1.66142)
GBP/CAD has broken major support 1.6650 and declined sharply till 1.6566 at the time of writing. It is currently trading around 1.6600.
On the lower side , major support stands at 1.6560 (Nov 21st low) and any violation below that level will drag the pair down till 1.65000/1.6350 (61.8% retracement of 1.5886 and 1.71203).
The break above minor resistance at 1.6790 (21- day MA) will take the pair till 1.7000.Any break above major resistance 1.7000 will take the pair to next level till 1.7120 level.
It is good to sell on rallies around 1.6640-45 with SL around 1.6800 for the TP of 1.6500/1.6350
