Double Top on GBP/CAD

Double Top at GBP/CAD

The current technical pattern signals a possible corection of GBP/CAD after a significant growth. A classic reversal pattern called "Double Top" has been formed near the 1.70500 resistance level (H4 timeframe). GBP/CAD quotes are testing the round level of 1.69000. Monitor this situation carefully.

Should the price fix below 1.69000, start looking for market entry points to open short positions. The nearest profit-taking goal is the support level at 1.67500, however, the price can go further toward 1.66650-1.65500. Look for the confirmation and market entry points at smaller timeframes. Use trailing stop to follow positions.

by JustForex 2019.11.05

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
10 most stable forex pairs to trade in 2021
If you are interested in forex but have never tried trading before, sooner or later, you come across the question of what currency pair is safe to trade so that you don’t lose half of your deposit on your first position. And the answer is as simple as can be, the safest currency pairs are the most stable ones. Read on to learn which currency pairs are the best to start your trading journey.
Read more
Best Gold Trading Tips For Beginners
Gold is one of the most popular assets traded worldwide by investors, funds, and speculators who aim to profit from the price fluctuations or stand up against inflation. Unfortunately, many market participants fail to catch the wave and take full advantage of what the gold market can offer due to the lack of knowledge and experience. Are you planning to become the next gold trader? Learn how to trade gold in the most profitable way.
Read more
How to Become a Successful Forex Trader in Malaysia
With broad access to online brokerage services, everyone can become a trader these days. However, few people actually find success in FX. The reason might be that many of those who try trading skip some essential steps or simply do things wrong. Learn about the best ways to become a currency trader in Malaysia from this article.
Read more