GBPCAD is currently testing a critical supply zone on the Weekly timeframe. Usually I’d look for aggressive bearish pressure at these highs. However, we see a H&S pattern formation with the supply zone serving as the neckline. Fundamentals also tell us that there is more GBP strength expected since Britain has positive news coming in with regards to the COVID-19 pandemic. It’s looking hopeful that Britain will be among the 1st few countries to lift COVID-19 restrictions by end of this year.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.