Daily Video Analysis: GBPCAD is facing bullish pressure, potential for further upside!

Today we take a look at GBPCAD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is approaching our buy entry level, in line with our 61.8% Fibonacci retracement and 78.6% Fibonacci extension, and the ascending trendline support. It could potentially bounce from this level and rise further to our take profit levels which are in line with our horizontal swing high resistance levels. It is worth noting that price is holding above the Ichimoku cloud, showing bullish pressure in line with our analysis.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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We present to you the daily updated section of market analysis prepared by professional analysts of InstaForex Company. Each of the specialists represented in this section, carries out analytical reviews in accordance with his/her vision of the current situation on foreign exchange and other markets. However, the outlooks below are only recommendations and not instructions to any actions; they contain analysis of the current situation on the currency market. In some cases the analysts' opinions to changes in the current market situation can differ, in this way, we recommend you to follow the publications of only one analyst, who in your view most clearly and correctly evaluates the situation on the international Forex market.

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