GBP/CAD 4H Chart: Set for breakout - Trade Pattern Ideas - Dukascopy Bank
Tue, 18 Jun 2019 04:59:37 GMT
Source: Dukascopy Bank SA
Indicator
4H
1D
1W
MACD(12;26;9)
Sell
Sell
Sell
RSI(14)
Neutral
Buy
Neutral
Stochastic(5;3;3)
Neutral
Buy
Buy
Alligator(13;8;5)
Sell
Sell
Sell
SAR(0.02;0.2)
Sell
Sell
Sell
Aggregate
⇘
⇒
⇘
The GBP/CAD currency pair traded sideways during last week's trading sessions. The 50-hour simple moving average provided resistance for the exchange rate at 1.6965.
The British Pound was trading near the upper boundary of a descending channel pattern at 1.6807 and could be set for a breakout.
If the breakout occurs, a surge towards the weekly R2 at 1.7055 could be expected during the following trading sessions.
On the other hand, if the descending channel holds, the currency exchange rate will continue its downward movement in the shorter term.
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