GBP/CAD is showing signs of exhaustion after a strong rally. Price has hit resistance around 1.87, and rejection at this level aligns with my short setup.
Reasons for the Short:
️ Price struggling to break above key resistance.
️ Overbought conditions on the Stochastic Momentum Index (SMI).
️ Volume declining, signaling potential weakness in bullish momentum.
Target: 1.8146
Stop Loss: 1.8796
If price fails to hold this level, we could see a deeper pullback. Watching closely for further confirmation!
What’s your take on GBP/CAD?
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