GBP/CAD Megatrend Pattern Still in Play

GBP/CAD Technical Analysis

• Megatrend formation
• Trend is bearish
• Profits are protected
• Extension below 1.5922

MEGATREND MAs: Bearish

D1 Chart GBP/CAD

1. Dark cloud cover variant 2
2. Swing low
3. Shooting star
4. Final target if 1.5922 breaks
5. Megatrend

The GBP/CAD is in Megatrend formation. All short entries starting from March would have been in profits. At this point we scaled out of profits protecting the remainder at BE+1. The pinbar entry which is learned on Megatrend trading course was the trigger. Look at the chart for a specific zone for the target price. Targets are 1.5922 and 1.5575.

Cheers and safe trading,

Nenad