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GBP/CAD Pattern Play
GBPCAD Head & Shoulders The rally in GBPCAD off the Q4 2021 lows looks now to have fizzled out with price putting in an interim double top formation around the 1.73 mark. Price has now broken below the neck of this pattern and with both MACD and RSI bearish here, the focus is on a further push lower in the near term. Look for a break of the 1.7041 level to open the way for a run down to the 1.6853 area. With the retail market around 65% long, there is plenty of room for this position to grow and the current downturn to deepen. Keep An Eye On GBP is under pressure here from the rebound in USD as well as political ... (full story)
