GBP/CAD 4H Chart: Falling Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD has formed a 59-bar long falling wedge pattern, after reaching the highest level since early August at 1.8263 on 20th of October.
Currently, the pair is testing the upper trend-line, which is also underpinned by the 100 and 200-period SMAs around 1.8040. The 4H and weekly technical indicators are pointing the same way as the trend is heading-to the downside. To our mind, it is unlikely that the trend could be broken to the upside due to the strong resistance that the Pound is facing. Therefore, we expect the pair to fall below the psychological level at 1.80 and to target October's lows around 1.7870, possibly even the 1.78 mark.
© Dukascopy Bank SA

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.