GBPCAD - Potential Sell and Buy Setup
as per the weekly chart, we can see that price has reached the weekly supply zone (potential turning point - high on the curve - good selling point) after reacting to the weekly demand zone.
as we go lower into the daily timeframe, we can see that price has more potential to go up to reached the daily timeframe and that it had breached the downward trendline suggesting that price might go up to that daily supply zone.
However, going into a much smaller timeframe H4 - we can see that there is a bearish divergent - indicating that price might do a U-turn at this point - which is near h4 supply zone. you can see more detail on the chart.
But either way, there's a good potential buy and sell setup for GBPCAD.
I will be looking to sell and buy the pair within the daily zone only in order to minimize risk .
What do you guys think?
Renee H
updated.
waiting to sell on the daily/h4 supply zone.