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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