The following is the GBPCAD hourly chart. I was observing this from day before yesterday and just now I found that it formed a reverse pattern of head an shoulders. As you see in the chart a reverse head and shoulders format is formed and there is a neckline which acts as a resistance. But the neck line is broken witha strong bullish candlestick. So I entered long trade. Check the following picture. I will update about this trade in the comments section.
GBPCAD Long Trade:
GBPCAD hourly chart showing the reverse pattern of head and shoulders
Eventhough nice head and shoulders are formed for this currency pair and the neck line is broken it reversed the trend immediatly and I lost around 50 pips on this trade