The GBPCAD currency pair has failed to make a higher high and instead made a lower high. It then broke the monthly trend line and the 50-day moving average, immediately testing the neckline of the double top pattern. On the last day of the previous week, the price managed to break that line with a high momentum candle engulfing all of that week's candles. Now, the price is clearly targeting the next support level at 1.58000 to make the first lower low in the bearish trend.
Jumping into this trade right now is not recommended due to the close target and far stop loss. Those who have not yet entered the trend can do so by waiting for any pullback and trying to sell from the highest available price.
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Jumping into this trade right now is not recommended due to the close target and far stop loss. Those who have not yet entered the trend can do so by waiting for any pullback and trying to sell from the highest available price.
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Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!