GBP/CAD: False break at short-term support

Chris Capre 2ndskiesforex

Price Action Context

Initially it looked as if GBP/

CAD was poised to trade lower after breaking out to the downside of a corrective pullback, but yesterday saw a sharp bullish reversal in the pair, producing a false break at a short-term support which is now being followed by a weak corrective pullback.

Trending Analysis

Our short-term bias is bullish again after the false break and the current corrective pullback into the support can present potential buying opportunities with the closest short-term resistance waiting at 1.7230-1.7300.

Closest Support & Resistance Zones

Resistance: 1.7230 – 1.7300
Support: 1.7015 – 1.7070

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Author

Chris Capre

2ndskiesforex

Chris Capre is a professional forex trader and mentor specialized in Price Action trading, and the Ichimoku Cloud.

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