GBP/CAD: a bearish pattern

GBP/CAD: a bearish pattern

2019-11-11 • Updated

Trade idea

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.     

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