[GBPCAD] Bullish in a Distribution Pattern
On the larger time frames the pair seems to be in a distribution pattern. If this is true, it may have just completed the final SOW and looks to forming an ascending broadening wedge to complete the UTAD or LPSY.
A couple of other notables:
-The past 2 years, the pair has been bullish between early to mid December and mid to late February.
-On the indicator the red filled candles are very high volume sells, which can signify that Market Makers (Institutions) are selling, but they are also putting in long orders at the levels. More than likely they will want to recover these candles for two reason...to liquidate retail shorts and to take profit on their longs before moving price down again.
A couple of other notables:
-The past 2 years, the pair has been bullish between early to mid December and mid to late February.
-On the indicator the red filled candles are very high volume sells, which can signify that Market Makers (Institutions) are selling, but they are also putting in long orders at the levels. More than likely they will want to recover these candles for two reason...to liquidate retail shorts and to take profit on their longs before moving price down again.
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