Admiral Markets - Analytics

    Admiral Markets

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    GBP/CAD bearish zigzag within a steady channel

    The GBP/CAD is making a zig zag trend pattern within an equidistant channel. The channel is steady and if follows the trend perfectly. Currently the pair is retracing from POC 1.6854-70 and if we see a close below 1.6815 the pair could continue down towards 1.6768 DPP. Break below DPP will target triple bottom at 1.6691. So it is very clear that if we see a breakout of 1.6691 the way towards 1.6500 will be open. Fakeout that happened prior to retracement signals a possible strong stop grab below 1.6691. Additionally, our H4 chart (thanks to AM Supreme Edition) is showing now moment sellers too.

    However if we see the pair above 1.6880, then we should be prepared for a deeper retracement towards 1.6950-80 (88.6, EMA89, H5) and expect fresh sellers there.

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