FXDAH

GBPCAD triple top rejection

Short
FX:GBPCAD   British Pound / Canadian Dollar
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1
The GBPCAD pairing has formed a very clear, very nice triple top on the daily chart . The last daily candle also has a long wick which was violently rejected right at the apex of this triple top supporting this analysis and indicating an imminent reversal. Good risk reward on this trend, also very much a swing trade looking to hold this a while as soon as the right entry arises with price in and around the neckline. More simply, this could also be traded as an intraday support and resistance trade as the market price has been reticent for any major breakthroughs, in which case my stops and TP would be tighter, do like the look of this trade though.

Have to be careful trading the £ this week however with lots of suspicion over lockdown etc. and reopening of economy, hopefully the market is ahead of the news.