Recommendation: BUY
Current Trend: Short and med-term up. Long-term sideways.
Strategy: Buy on a minor e.g. 2-3 day pullback.
- 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.
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