GBP/CAD 4H Chart: Ascending Triangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/CAD currency couple will be highly volatile soon as the pair is approaching an apex point of the ascending triangle, which is 57-bar long. The outlook for the pair is strongly bearish even despite the fact technicals on a daily chart are sending ‘buy' signals. The first reason behind the bearish scenario is the fact recently bears made an attempt to penetrate the lower boundary. At the same time, indicators on a 4H chart are supporting the case of pair's deprecation. And the last, but not least, traders are selling the pair in 68% of the cases, expecting the Pound to lose some of its value against the loonie. The key level for short traders can be found at 1.8240/30.
© Dukascopy Bank SA
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Mon, 03 Feb 2014 06:55:22 GMT

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