GBPCAD has been in a steady uptrend for about a month now. In that time the price has respected the upwards trend and hasn't broken through it yet. On the 4hr chart, the Stoch-RSI indicators have just crossed in oversold territories (21), it looks like the price will increase. A scenario that might play out is that the price will fall down a little bit towards the trend line before its continuation forward. The one issue with this trade is that the price has failed to break through the 1.70 regions with any conviction, this indicates caution to me as another attempt is likely but failure to break past the resistance zone could lead to a drop in price towards the 1.684 level.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.