Possibly change over from support to resistance around the 1.225 around could see it head to the 1.186 area towards next week. We can see a rejection of price from the bearish wixs around the 1.223 @14:00 on the 21st and the 20 EMA indicator looks to be confirming a down trend.
Some rectangular bottoms have formed on the GBPCAD pair, i count 6 touches included wick ends on the first and looking for a 6th touch on the lower trendline on the second rectangular bottom.
EUR/GBP Outlook, Shorts to Buy Zone 20:43:01 (UTC) Sun Jan 5, 2020
Buy above 1.3191. Stop loss at 1.3149. Take profit at 1.3301. Reason for the trading strategy (technically): GBPUSD is testing its support at 1.3191 (61.8% Fibonacci extension x2, 61.8% & 50% Fibonacci retracement, horizontal overlap support) where price is expected to bounce to its resistance at 1.3301 (61.8% Fibonacci retracement, horizontal swing high...
The Pennant Pattern formed in a trend is a confirmation of trend continuation if it breaks to the up side, be alert if it does to jump in, i wound'nt risk more that 100ish pips. ST. just below the pennant.