GBP/CAD 1H Chart: Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
For the past 170 hours the trading range of GBP/CAD has been narrowing, but at the same time the currency pair has been respecting two converging rising trend-lines. As a result, there is a rising wedge pattern appearing on an hourly chart of the pair. Even though the price has just entered the second part of this pattern, there is already a significant risk that the support area between 1.6806 and 1.6780, created by the up-trend, daily pivots and the 200-period SMA, will be unable to provide sufficient demand. Accordingly, we may soon witness a strong sell-off, which may take the price as low as 1.6636, where the pair started its latest recovery.

© Dukascopy Bank SA
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