Short in GBPCAD

I am currently in a short position on the GBPCAD currency pair. This decision is based on two key factors: the identification of a supply zone and the presence of a harmonic bat pattern.

Upon careful analysis of the chart, I have observed that the price has reached a significant supply zone. This area is characterized by a cluster of sell orders, which can generate additional bearish pressure. Furthermore, this supply zone aligns with a previous resistance level, reinforcing its importance and increasing the likelihood of a downward reversal.

Additionally, I have identified the presence of a harmonic bat pattern at the same level as the supply zone. This pattern is known for its ability to indicate a potential trend reversal. The combination of these two technical factors strengthens my conviction that the price could reverse and continue its downward movement.

In summary, my current strategy involves maintaining a short position on GBPCAD, capitalizing on both the supply zone and the harmonic bat pattern. I will stay alert for any further signals that confirm this outlook and adjust my trading plan accordingly to maximize profits and effectively manage risks.