GBP/CAD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Within the last 80 trading hours the British Pound managed to strongly appreciate relative to the Canadian Dollar, thereby negating the prior losses.
However, the currency pair encountered a tough resistance line at 1.5962 that prevented further extension of the rally. Being that there were two attempts made to breach it, we may posit that GBP/CAD formed a double top pattern. Accordingly, a close beneath the neckline at 1.5883 should result in a sell-off that is likely to last at least until the 200-hour SMA at 1.5784 is reached, while the ultimate target is situated at 1.5577.

© Dukascopy Bank SA
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