GBPCAD Weekly Forex Forecast 5th November to 11th November by yshashmi37 on

Midterm forecast:

While the price is above the support 1.6595, beginning of uptrend is expected.
We make sure when the resistance at 1.7285 breaks.
If the support at 1.6595 is broken, the short-term forecast -beginning of uptrend- will be invalid.
Technical analysis:

The RSI bounced from the support #1 at 37 and it prevented price from more losses.
A trough is formed in daily chart at 1.6640 on 10/30/2018, so more gains to resistance(s) 1.7055 and maximum to Major Resistance (1.7285) is expected.
Price is above WEMA21, if price drops more, this line can act as dynamic support against more losses.
Relative strength index (RSI) is 55

Share This