GBP/CAD 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank
Mon, 07 Jan 2019 06:47:16 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Sell
Buy
Sell
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Neutral
Buy
Neutral
Alligator (13; 8; 5)
Sell
Neutral
Neutral
SAR (0.02; 0.2)
Sell
Sell
Buy
Aggregate
⇘
⇗
⇘
The Great British Pound has been depreciating in an ascending channel pattern against the Canadian Dollar since the end of December. This decline began after the currency pair reversed from a psychological resistance level at 1.7500 on December 31.
When looking at the positioning of the exchange rate, it is likely that the decline will continue during the following trading session. The potential downside target for the price will be near a swing low of 1.6710.
Moreover, technical indicators demonstrate that bears are could continue their dominance in the market during this week's trading session.
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