As we suggested earlier, the GBP/CAD pair is forming a head and shoulder pattern in the 4 hour time frame.
The same price action resembles as sideways movement in 1-Hour time frame.
Generally sideways pattern is a continuation and so we can expect a bearish breakout.
Currently the pair is trading at top end of its sideways pattern and so it is a good time to make a short entry.
The same price action resembles as sideways movement in 1-Hour time frame.
Generally sideways pattern is a continuation and so we can expect a bearish breakout.
Currently the pair is trading at top end of its sideways pattern and so it is a good time to make a short entry.
Trade closed: target reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.