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Short

GBP/CAD forms triple top at 2.0325, market eyes UK CPI data

FX:GBPCAD   British Pound/Canadian Dollar
148 0 4
Pattern formed –Triple Top

Potential Reversal Zone (PRZ)- 2.033

GBP/CAD             has once again retreated after making a high of 2.0325 level. It is currently trading around 2.02390.

Market eyes UK CPI             data which is to be released today for further direction.

UK inflation data from ONS is expected to remain unchanged at -0.1% Y-O-Y in Oct             and Core CPI             is seen steady at 1%.

Technically GBP/CAD             is facing strong trend line support around 2.020 and any break below targets 2.016/2.008/2.

On the higher side major resistance is around 2.33 and break above targets 2.039/2.042.

It is good to sell on rallies around 2.0255-60 with SL around 2.033 for the TP of 2.008/2
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