GBP/CAD formed a “shooting star”
Read the article on FBS website
Trade idea
SELL 1.7020; TP 1.6920; SL 1.7040
As we expected, GBP/CAD met resistance ahead of 1.7285 (100-month MA). On the W1, the pair formed a “shooting star” candlestick with a long upper shadow which closed below both the 200- and 100-week MAs. After such a twist, it’s reasonable to expect that the upside won’t be easy for the pair. The outlook will improve when the price manages to rise above the 200-week MA (1.7140). If the price continues the way down and slides below 1.7020, it will likely head toward 1.6920 (50-week MA).
