GBPCAD meets resistance
Good Evening Ladies & Gentlemen,
The GBPCAD pair has been steadily rising and has produced almost 1700 pips in June alone! Price has today tagged a previous resistance level and produced a doji. The weekly chart does not show signs of weakness yet therefore price may well continue upwards further.
However, before this happens a pull back may be witnessed as MACD is showing divergence, a suspect candlestick is on display and price is at a previous resistanance - all of which suggest caution. Tightening of stops is recommended if in the trade. If not in the trade, an opportunity may soon present itself as long as patience is practiced.