GBP/CAD

GBP/CAD Technical Analysis: Retracement in Progress

Dear Traders,

The GBP/CAD had formed a potential retracement above W L3 support, which is in confluence with M L5 camarilla support. The price should go up.

At this point we can also see a small inverted head and shoulders pattern which indicates bullish pressure. For a continuation to the upside, the pair needs to close above W H3 camarilla pivot – 1.7075. A close above that level will give additional bullish impulse to the price and we should see 1.7117 and eventually 1.7186.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.