- March 10, 2023
- Posted by: cabana-admin
- Category: Market Insights
Overview: By looking at the daily chart we can see that buyers are showing their potential in the market. The market is showing upside momentum in the market. From the technical prospective, The market is previously formed hammer which cause market to rise, the swings are making successively higher highs and lower lows, In the chart hourly chart bulls are showing their strong side in the market. The way bulls are reacting it seems like they are approaching the 1.6690 region.
Technical Analysis: From the technical view we can see that market is going in uptrend which is providing us bullish signals level bulls will get more aggressive. The pair is trading above all the major and minor EMA line which is provides us bullish signals. The odds are in favors of bulls so it’s better to keep eye on the buy side. GBPCAD is suffering from upside momentum on the four-hour chart and has dropped below the 200 Simple Moving Average.
Recently it has breached the strong resistance of 1.6690 level which indicates that bulls will move further upside and heading to north side.Well the next approachable target of bulls is 1.6845 level from positional point of view.
Trade Idea: based on the chart and studies we would be recommending to our traders that go for buy at 1.6600 targets is 1.6660,1.6710 Sl below 1.6540.