Last week GBP/CAD
made one more attempt to break above the resistance at 1.7525 which was
unsuccessful and then formed a very clear shooting star candlestick on the
weekly time-frame. Combined with the hanging man candlestick that preceded it
on the same time frame that was a good signal that the pair would start moving
to the downside, which it did. GBP/CAD just broke below the support at 1.6980
despite spinning top candlestick that had formed on the daily time-frame above
that level. The move to the downside clearly continues and its first target
will most likely be the support at 1.6715 – 1.6720, and if the pair succeeds in breaking
below that level it might test the previous low at 1.6604.
Good point! I´ll be watching to those levels.
ReplyDeleteIt was a false breakout.
ReplyDeleteWell done with your post.
ReplyDeleteGood drop.
ReplyDelete