GBP/CAD continues to fall inside the extended Triangle chart pattern identified by Autochartist on the 30-minute charts. The length of this Triangle is equal to 150 candles. Autochartist rates the overall Quality of this chart pattern at the 4 bar level as a result of the low Initial Trend and Uniformity (rated at the 1 and 2 bar levels respectively) and significant Clarity (7 bars). This chart pattern continues the prevailing long-term downtrend that can be seen on the daily, weekly and the monthly GBP/CAD charts. The top of this chart pattern (point A on the chart below) formed when the pair reversed down sharply from the strong resistance at 1.6300, which has been reversing upside impulses of this currency pair for the last two years (as is shown on the second chart below). The pair has recently reversed down (at point B) from the 61,8% Fibonacci Retracement of the preceding downward price impulse (from A to D) and is expected to fall further in the nearest time.
The following daily GBP/CAD chart demonstrates previous price action close to the resistance at 1.6300:
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Daily Forex Update: GBP/CAD
Published 11/04/2011, 08:36 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/CAD
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