GBP/CAD 1H Chart: Falling Wedge

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Even though the GBP/CAD currency pair has recently crossed the upper trend-line of the falling wedge, the Sterling failed to extend gains and started to hover around the edge of the pattern on its way down. The current outlook for the pair is mostly bearish, as the price slumped below the cluster of resistance levels around 2.02, while the initial target for the bears is located at 2.0194 (Daily S1). The next bullish correction is possible at 2.0080, represented by two strong support levels. As for the technical indicators, short-term and medium-term studies are mostly neutral, while daily ones signal to sell. The SWFX market sentiment shows that 56% of open positions are short.
© Dukascopy Bank SA
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Thu, 03 Sep 2015 09:07:27 GMT

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