GBP/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although at first it seemed that GBP/CAD is going to trade within the boundaries a bullish channel after hitting a rock bottom at 1.8216 (Jul 24 low), the trading range has been narrowing since then. Accordingly, there is a high possibility of a reversal pattern being formed, namely a rising wedge. This will be confirmed with the pair's failure to rise above the resistance at 1.8426. If the Sterling declines from there, we should expect the support at 1.8330, despite its density, to be broken to the downside. This is turn would allow the price to target 1.8216. Meanwhile, the sentiment is moderately bearish—41% of positions are long and 59% are short.
© Dukascopy Bank SA
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