GBP/CAD 1H Chart: Falling Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
With the announcement of the Brexit referendum results, the Pound fell sharply against all major currencies, including the Canadian Dollar. However, afterwards the currency pair has formed a falling wedge pattern, which has just been confirmed, as the currency exchange rate has just confirmed the patterns upper trend line at 1.7284. Although, the patterns upper trend line is not supported by any other resistance, the monthly S3 is located close by at 1.7410. In addition, the pattern is strengthened by the fact, that the pattern's lower trend line is supported by the weekly S1 at 1.6994. Moreover, the pair might be overbought, as 72% of all SWFX open positions are long.
© Dukascopy Bank SA
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