BabyPips.com FX-Men Team
BabyPips.com
GBP/CAD: 4-hour
For the fans of break-and-retest setups out there, y’all didn’t think I’d miss this one on GBP/CAD’s 4-hour forex chart, did ya? After breaking below the head and shoulders neckline around 2.0150, the pair dipped to a low of 1.9735 before bouncing back up. Using the Fib tool on the latest swing high and low shows that the broken neckline support coincides with the 50% Fibonacci retracement level, which might hold as resistance. This is also close to the dynamic inflection point at the 200 SMA. Stochastic just reached the overbought zone so the bullish momentum might fade soon, allowing sellers to take over and push the pair back to the previous lows or much lower. A higher pullback to the 61.8% Fib could be possible, but a break above that level might mean that an uptrend is brewing.
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