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Magnatrio

GBPCAD analysis

British Pound / Canadian Dollar (FX:GBPCAD)  
Magnatrio  
FX:GBPCAD   British Pound / Canadian Dollar
Trend Analysis Chart Patterns Beyond Technical Analysis GBPCAD gbpcadanalysis gbpcadidea gbpcadforecast gbpcadlong gbpcadshort
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trendanalysis chartpattern beyondta gbpcad gbpcadanalysis gbpcadidea gbpcadforecast gbpcadlong gbpcadshort
We have had a good period of bearish momentum. Price is currently in a correction phase. Using the trendline rules of entry, a buy position should be actively running, but because I saw signs of a pennant forming, I had to wait. The pennant has clearly formed. This chart pattern is neutral and price can go either way, which invalidates entries solely based on the trendline strategy. First/ minimum TP target should be the length of the pennant's back.

*Disclaimer*
This is not financial advice. Forex trading is a risky business. Trade at your own risk. Exercise proper risk management and be patient.

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