GBPCAD: A fakeout in the making?

After reaching the high in mid Dec 19, price has make a deep down move before pulling back. This deep down move is the deepest pull back we have seen since price hit the low in Aug 19. That's the first indication that Bulls might be losing steam. The subsequent D1 Bearish impulse move in the beginning of the year, to me, confirmed that Bears is in control. Currently, we are seeing a possible Bear flag forming. But I do believe that price may make an assault on the previous week high enticing Bulls to join. But there will be a fake out off the D1 zone created by the Bearish impulse move beginning of the year. Thereby, trapping the Bulls before the Bears make a push lower.

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DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
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