GBP/CAD 1H Chart: Rising Wedge

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD is highly unlikely to surpass 2.0630 in the near term, let alone a major resistance area at 2.07. Although the former is implied only by the Aug 5 high, the price is currently forming a rising wedge, meaning the bears should soon take control of the pair. Speaking of supply at 2.07, it is indicated by the upper boundary of the pattern, weekly R2, and more importantly, by the highest exchange rate level since 2008. Accordingly, the Sterling is expected to decline through the nearby supports and extend the decline down to 2.0450. The SWFX market appears to have a similar opinion: 72% of open positions are short.
© Dukascopy Bank SA
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