GBPCAD Weekly Forex Forecast 28th October to 3rd November by yshashmi37 on

Midterm forecast:

While the price is below the resistance 1.7230, resumption of downtrend is expected.
We make sure when the support at 1.6565 breaks.
If the resistance at 1.7230 is broken, the short-term forecast -resumption of downtrend- will be invalid.
We will close our open trades, if the Midterm level 1.7230 is broken.
Technical analysis:

The RSI bounced from the resistance #1 at 63 and it prevented price from more gains.
The RSI uptrend #2 is broken, so the probability of resumption of downtrend is increased.
Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
Relative strength index (RSI) is 43.

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