FX.co ★ gaylord93 | GBP/CAD

The GBP/CAD pair managed to close the previous four-hour candle above the support level of 1.8477, and now we are in the buying zone of Envelopes indicators on both the hourly, four-hour, and even daily timeframes. When such coincidences occur, we can only expect an acceleration in price growth. The target for the upward movement will be the resistance at the level of 1.8659, which corresponds to a deviation of +1% from the usual 55-day moving average. Such deviations typically occur at the peak when the price is still in a flat mode around the 55-day moving average. Therefore, if the four-hour candle closes today below the level of 1.8445, it will be necessary to close the long positions with losses and not count on a return to price growth for the GBP/CAD pair.