Bullish GBPCAD - 02 June 2023 - Technical Analysis

EURUSD Forex

GBPCAD

Bullish Closed

A Price Action Ascending Triangle pattern formation on the 4 Hour time frame chart supports GBPCAD Bullish bias. A break of 1.68787 will support the rise towards the target of 1.70191 the break of 1.70191 would push the price to 1.71127.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.70853
Support S1: 1.70806, S2: 1.70783 , S3: 1.70736
Resistance R1: 1.70876 , R2: 1.70923 , R3: 1.70946

Summary

Instrument :

GBPCAD

Direction :

Bullish

Pattern Name :

Ascending Triangle

Probability :

62%

Entry Level :

1.68787

Activation Time :

2023-05-30 13:00

Age :

336 Bars

Progress :

33%

Close Time :

2023-06-02 13:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

Ascending Triangle

An ascending triangle is a chart pattern used in technical analysis. It is created by price moves that allow for a horizontal line to be drawn along the swing highs, and a rising trend line to be drawn along the swing lows. The two lines form a triangle. Traders often watch for breakouts from triangle patterns. The ascending triangle is a bullish formation that usually forms during an uptrend as a continuation pattern. There are instances when ascending triangles form as reversal patterns at the end of a downtrend, but they are typically continuation patterns.