GBP/CAD Faces Strong Support Around 1.8380, Break Below Targets 1.8080

GBP/CAD Faces Strong Support Around 1.8380, Break Below Targets 1.8080

7 April 2016, 12:39
Roberto Jacobs
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GBP/CAD Faces Strong Support Around 1.8380, Break Below Targets 1.8080

  • Major support -1.8380 (trend line joining 1.52698 and 1.55751) 
  • The pair has taken support near trend line 1.8380 and slightly recovered from that level. It is currently trading around 1.84030. 
  • Any break below 1.8380 confirms major trend reversal a decline till 1.8200/1.8080/1.7750 level. 
  • On the higher side major resistance is around 1.8550 and any indicative break above will take the pair to next level till 1.8615/1.8730. The minor resistance is around 1.8480.    
  • Overall bearish invalidation only above 1.9170 level.

It is good to sell below 1.8380 with SL around 1.8480 for the TP of 1.8080/1.7750.

The material has been provided by InstaForex Company - www.instaforex.com
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