gbpcad forecast weekly and daily timeframe

gbpcad weekly timeframe

Hello everyone, we will analyze GBPCAD and give you a prediction whether the market will go up or down. 

The time frame is weekly. As you can see in the image, the market has made a double top. Fake breakout is given.

weekly timeframe

Daily Timeframe Analysis – Wait for Support Breakout Confirmation

In the daily timeframe, we observe that the last key support level remains intact. Until this support is broken, we refrain from entering a sell position. In other words, we will wait for a clear breakout of the support level followed by a retest before considering a sell trade.

Key Observations

• Intact Support: The current daily chart shows that the last support level is holding strong.
• No Sell Signal Yet: Since the support remains unbroken, there is no confirmation for a bearish trade.
• Breakout & Retest: A valid sell signal would occur only when the price decisively breaks the support level and, after a pullback, retests that level as resistance.

Trading Strategy

• Be Patient: Avoid premature entries. Wait until the daily candle closes below the support level.
• Confirm with a Retest: Once the support is broken, monitor for a retest. A successful retest—where the broken support now acts as resistance—will serve as a trigger for a sell trade.
• Risk Management: Use appropriate stop-loss orders to protect your trade, in case the breakout fails.

Conclusion

Until the daily support is broken and confirmed with a retest, it’s best to avoid a sell entry. This approach aligns with proven technical analysis principles and helps to prevent false signals during consolidation.

daily timeframe