GBPCAD Sell Opportunity – Rising Wedge Breakdown

A bearish setup is developing on GBPCAD, supported by the formation of a Rising Wedge pattern. This technical pattern suggests that bullish momentum is weakening, increasing the likelihood of a downside breakout.

Pattern Overview: Price action has been forming higher highs and higher lows within a narrowing range, indicating a loss of bullish strength.
Breakout Signal: A confirmed breakdown below the wedge's lower trendline would signal a shift toward bearish momentum and a potential move lower.
Entry Strategy: Enter a sell order after a confirmed breakout and retest of the lower trendline as resistance.

Stop Loss: Place above the most recent swing high inside the wedge to maintain a favourable risk-reward ratio.

Additional Notes:
Fundamental events, including economic releases or policy changes impacting GBP and AUD, could act as catalysts for this move. Watch for confirmation signals such as increased volume on the breakdown or bearish candlestick patterns.