GBP/CAD Downtrend Continues with the Inside Bar Implosion Entry

GBP/CAD Technical Analysis

• GBP/CAD Continues down
• The Implosion entry
• 1.6692 is the first target

H4 Chart GBPCAD

1. Swing high
2. Swing low
3. Top of retracement
4. Inside bar implosion
5. Final target

The GBP/CAD is bearish. We can see that the price has formed a nice straddle pattern (respecting and walking the MAs). I expect a downtrend continuation and we can already see the profits from the entry. It is my proprietary Implosion entry which happens at the break of an inside bar after the price has qualified for entry (by my MEGATREND method).

The first target is 1.6692, followed by 1.6598 the final target.

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Cheers and safe trading,

Nenad