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GBP/CAD – Higher Target

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Recommendation: BUY

Current Trend: Short and med-term up. Long-term sideways.

Strategy: Buy on a minor e.g. 2-3 day pullback.

gbp cad higher target chart forex.png

  • The British pound/Canadian dollar has broken out of a well-formed inverse head and shoulders (S-H-S).
  • It has a high target to 1.7750 based on this inverse H/Sh. This is a med-term target (i.e. a few weeks to a few months). It is currently trading at 1.7130.
  • It is a bit overbought in the immediate short-term so expect a minor pullback.
  • Buy on a 2-3 day pullback e.g. at 1.6990 or lower. Line 1 support is 1.6830.
  • Place a stop as a close below 1.6714. But from 1.7430 bring the stop up to breakeven (your entry). And from 1.7650 tighten it again to a breaking of its prior two-day low.

To subscribe to more research by Colin please go to his website www.themarket.co.za

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