GBP/CAD: Head & Shoulders formation for short move

03.06.2016 / 04:41

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GBP/CAD:

Date: June 3, 2016

H4 Graph: D1 Short Trend, moving to H4 graph

Price made a correction to Fin 38.2% on D1 chart. On H4 the pair has made a break below horizontal support at level of 1,9000. It has made a retest as well.

Price Action: Head & Shoulders formation for reversing the correction and short by the trend.

Alternate scenario: If the price moves up again above 38,2% Fib and horizontal resistance above 1,9000, will cancel the bearish view.

Technical Indicators:

DEM (14) - in the middle

RSI (14) - below 50

Price for Entry short around : 1,89300 - Looking for a better price for smaller SL

SL: 1.90200

Jr. Trader - S. Fuchedzhiev

Varchev Traders

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GBP/CAD: Head & Shoulders formation for short move

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