First view on GBPCAD on the daily or 4hour Chart, you can easily see the Head and Shoulders formation. Left shoulder nice bounce between the daily resistance ( 1.73 & 1.7444 ) with continuation for the head . Head bounced at the weekly resistance ( 1.77178) and dropped to the lower daily support for the "body" . After that the push began to create the right shoulder. This one was formed within one 4hour candle bearish (over150 Pips in this candle) . Ended up the "Body" GBPCAD began to rise again . The idea to fall even lower , what is to expect at a Head and Shoulders formation, failed Currently we are fighting with the daily resistance and the 38% level. If this resistance is breaking we are heading to the head (weekly resistance). Which confluences do we have ? Seeing the SHS didnt play out as expect with a strong bounce of the daily support ( also 61,8% Fib level) let assume the bears losing controll. Also do we have a nice daily bullish monumentum with strong bullish candles ( spikes to daily and fib ) (bulls recover ) . Now waiting for the break and a strong daily bullish candle to increase our volume on this long trade. (70%) Entry : 1.74333 Stop : 60 Pips Target : 290 Pips Hope you enjoy and profit with us!