Weekly Analysis for GBP/CAD
Technical Outlook by Shaker Trading
Bullish Structure in Play:
Breakout from Downward Channel (Weekly):
The pair has successfully broken out of a long-term descending channel, signaling a shift in market structure.
New Ascending Channel Formed (Weekly):
GBP/CAD is now trading within a rising price channel, confirming a strong bullish trend on the higher time frame.
Strong Bullish Trendline Support:
Price respects a clear ascending trendline, acting as dynamic support.
Trading Outlook:
We expect a temporary correction toward the demand zones highlighted on the chart, followed by a continuation to the upside.
The bullish momentum is likely to remain in play unless major support levels are broken.
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