{"id":167175,"date":"2020-03-23T12:58:04","date_gmt":"2020-03-23T16:58:04","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=167175"},"modified":"2020-03-23T10:05:12","modified_gmt":"2020-03-23T14:05:12","slug":"can-gbpcad-orchestrate-a-meaningful-bounce","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2020\/03\/can-gbpcad-orchestrate-a-meaningful-bounce\/","title":{"rendered":"Can GBPCAD Orchestrate A Meaningful Bounce?"},"content":{"rendered":"
March 23, 2020<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

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It\u2019s been a roller coaster ride for GBPCAD. The pair has carved a huge range with a potential temporary base at 1.6300, and a potential temporary top at 1.800.<\/p>\n

The daily chart above suggests that, since we are trading under the 1.7000 handle, we can expect lower lows extending towards the 1.6300 handle.<\/p>\n

The long-term ascending channel (blue) is likely to stop prices moving higher until we see a break. The current channel pins a steeper range between 1.7000 and 1.6300. A fruitful break and close above 1.7000 could spur rallies towards the 1.7600 handle.<\/p>\n

The next bull objective would then be a test of the 1.8000 handle.<\/p>\n

We can also see a rejection of prices for three days in a row at the 1.7000 handle, putting pressure on the pair.<\/p>

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The 2-hour chart below suggests that prices are still pressured to the lower side for the time being. The 1.6670 level comes in as immediate support followed by the 1.6580.<\/p>\n

A break under the latter exposes a run towards the lows of last week, with focus turning further lower towards the 1.6300 handle as indicated by the daily chart.<\/p>\n

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The 1.6920 comes in as an immediate resistance with a break higher putting the 1.7000 handle back into focus.<\/p>\n

Overall, a test to around the 1.6300\u00a0 level can potentially form a base for a rally to commence.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex It\u2019s been a roller coaster ride for GBPCAD. The pair has carved a huge range with a potential temporary base at 1.6300, and a potential temporary top at 1.800. The daily chart above suggests that, since we are trading under the 1.7000 handle, we can expect lower lows extending towards the 1.6300 handle. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-167175","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/167175","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=167175"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/167175\/revisions"}],"predecessor-version":[{"id":167199,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/167175\/revisions\/167199"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=167175"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=167175"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=167175"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}