GBP/CAD 1H Chart: Symmetrical Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD entered a ranging market following a slip from November highs at 1.7092. The pair has been approaching the bottom trend-line of the pattern in general, suggesting that the downtrend will be extended and the 1.6672 bottom boundary could be broken in the nearest hours. A slip will be contained between the broken line and the bottom Bollinger Band at 1.6653 with more risk at 1.6615 further on. Various time-frame SMAs pressure the rate from above, confirming the scenario and suggesting that immediate weakness could extend even as low as 1.6531/30. Upside potential is immediately capped by 1.6698 with a cloud resistance right above that.
© Dukascopy Bank SA
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