Early call on a GBP/CAD rise?
Possible longer term here bullish opportunity on the Pound/Canadian.
The GBPCAD has recently broken out of a down trending 'channel' on the H4 chart, and coupled with the recent explosive move after the BoE's interest rate comments last month, we might be seeing an inverted head and shoulders pattern potentially forming as well. Looks like a little bounce at the top of the right shoulder is possibly sending price action back towards a re-test that neckline at the moment. I Like the current level for a 'probe' trade with the possibility to scale into it further if the neckline breaks.
The GBPCAD has recently broken out of a down trending 'channel' on the H4 chart, and coupled with the recent explosive move after the BoE's interest rate comments last month, we might be seeing an inverted head and shoulders pattern potentially forming as well. Looks like a little bounce at the top of the right shoulder is possibly sending price action back towards a re-test that neckline at the moment. I Like the current level for a 'probe' trade with the possibility to scale into it further if the neckline breaks.
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