GBP/CAD 4H Chart: Set for breakout - Trade Pattern Ideas - Dukascopy Bank
Tue, 12 Feb 2019 06:32:53 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD (12; 26; 9)
Sell
Buy
Buy
RSI (14)
Neutral
Neutral
Neutral
Stochastic (5; 3)
Buy
Neutral
Neutral
Alligator (13; 8; 5)
Sell
Neutral
Buy
SAR (0.02; 0.2)
Sell
Sell
Buy
Aggregate
⇘
⇒
⇗
The British Pound has appreciated over 1.60% in values against the Canadian Dollar since February 5. The exchange rate reversed from a swing high of 1.7275 during last week's Friday trading session.
As apparent on the 4(H) chart, the currency pair is currently moving towards the lower boundary of a junior ascending channel at 1.7029.
If the GBP/CAD currency exchange rate passes a support level formed by the bottom border of the channel, the general direction is expected to remain downward.
However, if the support level as mentioned earlier holds, the next upside target for the pair will be near the weekly R1 at 1.7319.
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