GBPCAD bounce back from the support level and continued its bullish momentum. The trend is currently bearish but after the breakout from this resistance level, market has the potential to continue moving upwards towards the next resistance. We will take a long position on a minor pullback/retracement on the pair and will let it go upwards.

Market is currently running on a breakout buy setup out of the trendline. The ascending trendline still needs to tap the market at the support level and reject the trendline, as it will be forming a confluence at the support.

There is no retracement indication on this pair.

EMA 50 is still bullish but we do not anticipate the market dwelling to retest the EMA 50 at the support level.

RSI is at 60. It needs to neutralize itself at the 50 level to align with the market sentiment and technical factors.

GBPCAD longs

Jun 14 2023