GBPCAD Coming in to a key area – Potential short soon?

 

Taking a look at GBPCAD here and we are coming into a key area for the pair.

 

Since March 2018, this pair has been in a Weekly descending channel and is now coming in to test the upper boundary once more. As we approach this region we have the Daily chart also forming an ascending wedge pattern which could be a key sign and confluence for a reversal.

Over the next few days, I’ll be watching this pair closely for reversal signs as this offers fantastic risk to reward potential. If we do find sellers stepping in we can be targeting a move down to 1.6740.

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