. GBPCAD: Weekly Analysis & Bearish Outlook For This Week

GBPCAD: Weekly Analysis & Bearish Outlook For This Week

07 Jun 2023

GBPCAD: WEEKLY SCENARIO

GBPCAD Technical Analysis: Weekly Chart

In the weekly charts, GBPCAD is trading in an up channel. GBPCAD is currently trading above all SMA except MA(5).

RSI is in the buying zone which indicates bullishness. MACD is currently above zero which indicates bullishness.

Its immediate support is 1.60000 and the resistance level is at 170000

GBPCAD will trade in an up channel until there is a trend reversal.

GBPCAD Technical Analysis: Daily Chart

In the daily charts, GBPCAD is trading in a down channel. GBPCAD is currently trading below all SMA except MA (5).

RSI is in the buying zone which indicates bullishness. MACD is currently below zero which indicates bearishness.

Its immediate support is 1.65000 the resistance level is at 1.69000

GBPCAD will trade in a down channel until there is a trend reversal.  

How to Trade GBPCAD this Week:

GBPCAD will follow the downtrend until its trend reversal. So, remain bearish on GBPCAD

TRADE SUGGESTION- SELL AT 1.66000, TAKE PROFIT AT 1.60000, AND STOP LOSS AT 1.70000.