GBP/CAD 1H Chart: Broadening Rising Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After finding a support at 1.7543, GBP/CAD received a bullish impetus that pushed the pair into a broadening rising wedge pattern. The pair's target already for some time is the major level at 1.80. Recently the Pound touched the upper trend-line that sent the pair lower. However, around the pattern's support line stands a cluster of supports (100 and 200-period SMA; daily S2) that should hold the selling pressure for now. Nonetheless, there is a potential for bearish break-out since hourly and daily technical indicators are pointing to the down-side. Also, the majority of the SWFX traders', namely 56.93% of them, are expecting that the pair is poised for a decline.
© Dukascopy Bank SA
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