GBPCAD; Bearish Again

FX:GBPCAD   British Pound / Canadian Dollar
49 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
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out