GBP/CAD 1H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having reached a one-month high of 1.8589 late April, the British Pound commenced a retreat against its Canadian counterpart. The pair shaped a 170-bar long falling wedge pattern; however, now the downswing may have come to an end as GBP/CAD broke through the upper boundary nine hours earlier. A bullish breakout usually gives the pair an impetus for a climb but GBP/CAD may be an exception given that almost two thirds of traders on the SWFX are bearish. Meanwhile, technical numbers are pointing to a possible advance in the short-term, are neutral for the medium-term and are warning of a weakness in the long-term.
© Dukascopy Bank SA
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