GBP/CAD 1H Chart: Rectangle

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound/Loonie currency pair may continue forming the rectangle pattern in the foreseeable future, as the Pound finally managed to approach the lower boundary of the pattern. Still, before touching this line the pair will have to test the major level at 1.79, which is reinforced by weekly S1 two pips lower. As expected by short-term technical indicators, the pair will manage to bounce back to the upside from the lower trend-line and continue hovering in the up-trend. Daily studies, however, predict the pair's long-term downtrend to continue. At the same time, market participants are undecided on pair's future, are bears exceed bulls only by five percentage points.
© Dukascopy Bank SA
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