GBP/CAD 4H Chart: Decline likely to continue - Trade Pattern Ideas - Dukascopy Bank
Tue, 09 Apr 2019 05:42:53 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Buy
RSI(14)
Neutral
Neutral
Neutral
Stochastic(5;3;3)
Neutral
Neutral
Neutral
Alligator(13;8;5)
Sell
Sell
Buy
SAR(0.02;0.2)
Sell
Sell
Buy
Aggregate
⇘
⇘
⇗
The British Pound has been depreciating in a short-term descending channel pattern against the Canadian Dollar. This descending channel pattern was formed on March 28.
The exchange rate is currently heading towards the bottom border of a dominant ascending channel at 1.7313.
Most likely, the currency exchange rate will continue its decline within this trading session.
Given that the 50-, 100– and 200-hour SMAs are above the price level, bearish traders could push the GBP/CAD pair to break the dominant ascending channel during the following trading sessions.
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