Price is forming another Double Top on the GBPCAD (H4) anticipating to sell at the Weekly High.
The weekly High is a strong resistance zone because historically and recently, price kept falling from the price 1.77820, therefore another fall is anticipated.
There is also High Impact news on the GBP affecting consumer confidence and there is an anticipation that there will be a deficit which is likely going to weaken the pound.
I have made my Weekly High (the entry) and the Daily High (Take Profit 2).
The weekly High is a strong resistance zone because historically and recently, price kept falling from the price 1.77820, therefore another fall is anticipated.
There is also High Impact news on the GBP affecting consumer confidence and there is an anticipation that there will be a deficit which is likely going to weaken the pound.
I have made my Weekly High (the entry) and the Daily High (Take Profit 2).