GBP/CAD continues to decline inside the Uniform Triangle chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 4 bar level as a result of the below average Initial Trend (4 bars), lower Clarity (2 bars) and substantial Uniformity (7 bars). This chart pattern continues the predominant downtrend visible 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 failed to break up above the strong resistance at 1.6300. The pair is expected to fall further in the nearest time – in the direction of the lower support trendline of this Triangle, which is also indicated by the PowerStats analysis shown below.
As can be seen from the following PowerStats, all of the daily Expected Price Range (the measure of price volatility calculated for each time frame chart) for GBP/CAD for tomorrow (from 1.6085 to 1.5865) lies below the projected value of the upper resistance trendline of this Triangle. This increases the probability that the pair will continue to decline tomorrow.
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Daily Forex Update: GBP/CAD
Published 12/28/2011, 06:36 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/CAD
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