"Price Action Alert: GBPCAD Testing Strong Demand Zone"

2 wrz

Technical Analysis of GBPCAD

1. Current Market Position

GBPCAD is trading around 1.8450, after a recent decline from the previous highs. The price is approaching a strong support zone near 1.8400 – 1.8360, which has previously acted as a demand area where buyers stepped in.

2. Key Support Zone

The 1.8400 – 1.8360 range is crucial because:
* It has historically triggered bullish reversals.
* The presence of higher liquidity suggests potential buying interest.
If the price respects this level, we could see a strong bullish push from this zone.

3. Resistance Levels

On the upside, the next major resistance or target zone is around 1.8650 – 1.8750. This level has previously acted as a supply area where sellers entered the market. A clean break above 1.8500 will increase bullish momentum toward this zone.

4. Potential Bullish Scenario

If the price holds the support zone and forms a bullish reversal pattern, we expect:
* First Target: 1.8550
* Second Target: 1.8650 – 1.8750
This scenario aligns with the overall market structure if buyers regain control.

5. Bearish Risk

If the price breaks below 1.8360, sellers could gain control, leading to a move toward the next key support at 1.8230.

6. Market Sentiment

Currently, the sentiment leans neutral to bullish, provided the price stays above the support zone.

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