Alexander_Nikitin

Gbpcad back into trend after false breakout

Short
FX:GBPCAD   British Pound / Canadian Dollar
A very nice setup here, trader. We had a series of impulses in downward direction. This is the definition of a trend. then we had a most resent HL violation to the downside. This is the defenition of the sign of reversal. And instead of continueing moving upward installing other upward impulses priceaction makes a new structure low. This is the classic defenition of a false breakout. It is very likely for down trend to resume. Moreover, if you look close at priceaction you would notice a cypher pattern. Good luck.

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.