GBPCAD; Bearish Again

FX:GBPCAD   British Pound/Canadian Dollar
48 0 5
A clear inverted AB=CD pattern has been formed. Also a bearish Head and Shoulders pattern is visible, especially in lower time frames. Another point worth of notice is the break down of the ascending trend line drawn on the RSI indicator. All of these signs indicate that the bullish run might well end this week and this pair heads back to the south again.

The only thing that is worrisome for bears is that the time analysis indicates that bulls are stronger this time and this upward correction might have more room to go.

If bears manage to take out the 2.0082 support, the upward correction will be over. In that case, the stop loss should be placed at the major swing high and the target at the most recent major swing low.

Good luck,

Ali Sharif Azadeh, CFTe
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out