GBPCAD was very bulling the past weeks but maybe the momentum has ended. As we see on the chart from a technical setup.
The are may things that influence the charts to move a certain direction. But GBPCAD has reached a very strong weekly high at 1.76000 and lost buying momentum and changed direction. Since the pair was in an uptrend we should have a reversal pattern and have a Head & Shoulder which tells us that sellers are about to be in control. But a break below 1.74060 should confirm sell opportunities.
The are may things that influence the charts to move a certain direction. But GBPCAD has reached a very strong weekly high at 1.76000 and lost buying momentum and changed direction. Since the pair was in an uptrend we should have a reversal pattern and have a Head & Shoulder which tells us that sellers are about to be in control. But a break below 1.74060 should confirm sell opportunities.