Great Britain released retail sales data on May 20, 9:00 GMT+3. The reading outperformed expectations greatly (+1.4% actual vs. -0.3% forecast).
GBP/CAD: a bearish pattern
2019-11-11 • Updated
SELL 1.7335; TP 1.7200; SL 1.7355
GBP/CAD met the resistance of the 50-month MA in the 1.7765 area. On W1, the pair formed a bearish “dark cloud cover” pattern at the 200-week MA. The pound turned down from this line for the second time this year. This means that there’s significant selling pressure around 1.7670. The decline below the 38.2% Fibo from the 2018-2019 advance at 1.7340 will open the way down to 50% retracement at 1.7200. Resistance is at 1.7520, 1.7670, and 1.78.
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
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