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.

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