Personal analysis of the situation of the British Pound against the Canadian Dollar.
This is my vision of the future of this currency pair. It should not be taken as an investment guide.
Sample of my analytical system. It is based on the forecast for next week November 23 to November 27.
This currency pair has been selected because they are located at the extreme ends of the currency meter. As we can see in the image below:
Therefore, you have a high chance of climbing throughout the week.
Next we will see what the table of indicators says. In this table we find the data referring to the moving averages of 20, 50 and 100 periods, the strength of bulls and bears, the MACD indicator, ADX and the Commodity Channel Index.
I consider that a signal is reliable when 6 of the 8 indicators in the table give a signal in one direction or another, in this case, it is the 8 indicators that indicate buy.
The next step is to see where we find support and resistance. Since in recent weeks it has followed a lateral movement, we are going to pay attention, in addition to the contiguous levels, to the most separated:
Resistance level below is at 1.752, although it cannot be ruled out that it will hit 1.765 in the near future. Suggested Stop Loss at 1.697 support
Also Renko boxes suggest that the future movement is going to be upward:
Lastly, for technical analysis, the 50, 100 and 200 period equidistant channels in H1 on the daily chart appear to suggest a rapid rise towards suggested resistance.
As for the iTrend indicator, although we find it in “Wait Time” on the daily chart, in H1 it is indicating Buy, so it is very possible that the next resistance will be quickly touched, with options to reach resistance below at 1.765
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