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GBP/CAD started a bearish trend since mid 2005 and continue this bearish trend untill it reached its low on May 2010 as it can be seen in the image bellow.After that the trend started a consolidation period since May 2010 and is still in consolidation as we speak between the 1.52 level and the 1.64 level ,with 2 more strong attemptives to breach the 1.64 level,( in 2010 between July till November ,2011 August till October) ; and 2 attemptives to breach the 1.52 level ( in July 2011 & March 2013).
This 3 year consolidation period is a very good support level from which a big bullish trend can form . The current price of 1.58 is the lowest price in the past 20 years....is even lower then the 1.76 price level of January 1993 , 20 years ago. So the long term bearish price movement , folowed by consolidation...and also having reached the lowest level of the past 20 years is a very good reason to think that the 1.64 level is the last resistance before further up movement ,and the start point of a long bullish trend in my perspective.
As you can see the consolidation in the image bellow the current level at the time i am writing this article is 1.5839 and my Forcast for August 1 is that 1.64 level will be reached and an even more optimistic perspective ,will be also the start of a long term bullish trend on a 1 Month Chart .!!I have used in this tehnical analisys past support and resistance levels , relative strong index and my moving averages strategie.!!!!…