GBP/CAD 4H Chart: Double Top

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since August the British Pound has been on the rise against the Canadian Dollar. We have observed several bullish formations shaped by the pair alongside its advance and one of them, double top pattern, is active at the moment. The pattern with a peak at a five-year high of 1.8675 is 105-bar long and has average quality and magnitude.
Now the formation represents a particular interest since the pair is on the verge of breaching the neck-line at 1.8369. In case this level is penetrated before long, the currency couple is likely to reach the 200-bar SMA at 1.8349, below which a long-term slump may be in place.
© Dukascopy Bank SA
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