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