Bearish GBPCAD - 14 November 2024

EURUSD Forex

GBPCAD

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports GBPCAD Bearish bias. A break of 1.78330 will support the fall towards the target of 1.77250 the break of 1.77250 would push the price to 1.76530.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.80573
Support S1: 1.80526, S2: 1.80473 , S3: 1.80426
Resistance R1: 1.80626 , R2: 1.80673 , R3: 1.80726

Brokers

Open account

Summary

Instrument :

GBPCAD

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

63%

Entry Level :

1.78330

Activation Time :

2024-11-12 14:00

Age :

50 Bars

Progress :

100%

Close Time :

2024-11-14 06:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

MEMBERS ONLY

Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.