GBPCAD formed Crab Harmonic Pattern

GBPCAD Formed Crab Harmonic Pattern which supports the bullish bias targeting 1.7110
stop loss should be placed at 1.6620

Fundamental commentary:
GBP has also lost a key tailwind since the emergence of the Omicron eased expectations for a BoE rate hike this month.

Omicron variant introduced significant uncertainty into global markets, with a BoE rate hike looking increasingly unlikely this year.

Last week, three BoE officials further dampened rate hike bets which increase the sell pressure on the GBP but we expect a short term correction for GBPCAD so try to lock your profit to avoid the main downtrend.

Trade chiuso: obiettivo raggiunto:

TP1 reached