From Investor to Scalper – series of studies created in cooperation with broker BDSwiss, in which we take a financial instrument and the analysis includes a detailed look at the value from the monthly chart and ending with 5/15 minutes.
GBPCAD due to decline in May 2010 defeated level 1.4900 where it established new historical lows. Response of bulls has rejected that level and until December 2015 we saw increases. Current year from the beginning is bearish and in October we reached area of local support at 1.6350 coinciding with the line of the previous downtrend and ongoing since 2010 growth trend.
Looking on the weekly chart,we can see that although the level of 1.6350 was defeated in Octobe, around the line of upward trend appeared strong bullish reaction. As a result in the near future we can expect a growth even in the area of the level 1.7570.
On daily chart we see that almost the whole November the market fluctuated around support 1.6650 coinciding with the measuring 38.2% of Fibonacci correction of the ongoing from October growth.
Looking on H1 chart we can see that after yesterday’s dynamic declines since evening we see moderate rise that may soon reach level around 1.6966. It should be noted that bearish impulses in recent times are more dynamic than the bullish ones and in the result of that in near future we expect appearance of bearish impulse.
On M15 chart for five days we observe a triangle patern forminh. From technical point of view more likely will be broking through the bottom.
