Indicator | 4H | 1D | 1W |
MACD (12; 26; 9) | Sell | Sell | Buy |
RSI (14) | Neutral | Neutral | Neutral |
Stochastic (5; 3) | Neutral | Neutral | Buy |
Alligator (13; 8; 5) | Neutral | Sell | Neutral |
SAR (0.02; 0.2) | Buy | Sell | Sell |
Aggregate | ⇒ | ⇘ | ⇗ |
The Pound Sterling has declined substantially against the Canadian Dollar during the past one month. This bearish movement has pressured the exchange rate towards the lower boundary of a dominant ascending pattern.
During the morning hours of Monday's trading session, the GBP/CAD currency pair was bouncing between a resistance formed by the 55– hour simple moving average and a support cluster set by the combination of the weekly and the monthly PPs near the 1.72 area.
Everything being equal, a breakout through the bottom border of the dominant ascending channel could be expected within the following trading sessions. Meanwhile, on the daily time-frame, technical indicators flash strong sell signals.