GBP/CAD 4H Chart: Broadening Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/CAD currency pair reached its highest level since October 2008 in the end of February. This maximum mark, located at 1.9560, forced bears to return to the market and start strong sell-offs of the British Pound. This development led to eventual emergence of the channel down pattern on a four-hour chart. However, recently the pair neared the pattern's support at 1.8150 and is now recovering to the north. According to SWFX market participants, who are bullish on the Sterling in 75% of all cases, the pair should overcome the closest resistance at 1.8412 (monthly S1) and continue appreciating. This idea is also shared by 4H and weekly technical indicators.
© Dukascopy Bank SA
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