From my previous analysis, we were able to predict a correct BEARISH movement from the formation of a h&s pattern with a breakthrough of the trend support level. After the breakthrough, we could see a strong BEARISH movement downward without any retest either the trend resistance or resistance @1.7255 price level. For now, I do not see GBPCAD having enough strength to retest trend resistance level but I could see a potential short term bullish movement which could bring price level up to 1.7255, testing the resistance level before continuing its BEARISH long term movement. It will be nice to see a nice rejection off 1.7255 before entering a sell. (Also a rejection off middle bollinger band if price level rejects from resistance)
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Kindly hit the LIKE Button if you agree with my analysis and feel free to COMMENT your idea below. As for those who are keen to get daily updates and analysis from me feel free to FOLLOW me. Cheers and Happy Trading!!!
