BabyPips.com FX-Men Team
BabyPips.com
GBP/CAD: 4-hour
Now here’s a pair that’s already made a break for it! GBP/CAD formed a head and shoulders pattern on its 4-hour forex time frame, showing that it’s tired from the recent climb and is ready to reverse. Price already breached the neckline and is on the decline, with the downtrend likely to last by at least 800 pips or the same size as the chart formation. The 100 SMA is below the 200 SMA already, confirming that further losses are possible, but stochastic has been lingering in the oversold region for quite some time. This suggests that pound bears might need to take a quick break soon, possibly leading to a small pullback before the selloff resumes. Better be ready to catch that correction if you’re hoping to short at a good price!
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