Sell GBP/CAD Bearish Channel

The GBP/CAD pair on the M30 timeframe presents a potential selling opportunity due to the presence of a well-defined bearish channel pattern. This pattern suggests ongoing selling pressure and a higher likelihood of further declines in the coming minutes or hours.

Key Points:

Sell Entry: Consider entering a short position around the current price of 1.7225, positioned close to the channel resistance. This offers an entry point near a potential reversal zone.

Target Levels: Initial bearish targets lie at the previous support levels within the channel, now acting as potential resistance zones: 1.7164 and 1.7130.

Stop-Loss: To manage risk, place a stop-loss order above the broken resistance line of the channel, ideally around 1.7252. This helps limit potential losses if the trend unexpectedly reverses and the price breaks back upwards.

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Stronger Canadian Dollar (CAD): The CAD has been bolstered recently by rising oil prices and positive economic data from Canada. This could put downward pressure on GBP/CAD.

Weak UK Economy: The UK is in a technical recession, and recent data suggests ongoing weakness in the economy. This could weaken the Pound Sterling (GBP) compared to the CAD.