GBP/CAD 30M Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD entered a consolidative phase with risk skewed slightly more to the upside within a symmetrical triangle formation and is now sticking to the upper boundary at 1.6608 which brings more ground to the rising scenario. We will look for a breakout to the upside followed by a hitch at 1.6621 and then 1.6660 with one of the levels triggering a retracement of the broken trend-line. Alternatively, the rate could make its way through the pattern and target 1.6601 after the currently tough 1.0661 region is successfully addressed. The last obstacle lies at 1.6588 before the bottom boundary comes into play.
© Dukascopy Bank SA
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