GBP/CAD 4H Chart: Rectangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
On September 10 many traders were suggesting GBP/CAD is likely to complete a double top pattern by penetrating pattern's support line. However, as it often happens, the price bounced back from this level and now the pair has formed a rectangle pattern, which is not expected to last long. The main reason behind such a suggestion is that aggregate technical indicators on three different timeframes are sending "buy" signals, therefore, an upside breakout is expected. Moreover, trading volume is decreasing as price moves forward. Such tendency is bolstering a view of a breakout, which is always followed by a hike in trading volumes.
© Dukascopy Bank SA
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