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Pattern formed -Triple Top
Potential Reversal Zone (PRZ)- 2.033
- GBP/CAD has once again retreated after making a high of 2.0325 level. It is currently trading around 2.02390.
- Market eyes UK CPI data which is to be released today for further direction.
- UK inflation data from ONS is expected to remain unchanged at -0.1% Y-O-Y in Oct and Core CPI is seen steady at 1%.
- Technically GBP/CAD is facing strong trend line support around 2.020 and any break below targets 2.016/2.008/2.
- On the higher side major resistance is around 2.33 and break above targets 2.039/2.042.
It is good to sell on rallies around 2.0255-60 with SL around 2.033 for the TP of 2.008/2
