Autochartist has recently identified the high Clarity Descending Triangle chart pattern on the daily GBP/CAD charts. The Overall Quality of this chart pattern is measured at the 6 bar level as a result of the low Initial trend (rated at the 3 bar level), significant Uniformity (7 bars) and near maximum Clarity (8 bars). This chart pattern continues the overriding downtrend that can be seen on the daily, weekly and the monthly GBP/CAD charts. Higher Clarity of this Descending Triangle reflects widespread agreement among the market participants regarding the recent downward movement of this currency pair. The price is expected to fall further, which is also indicated by the Key Levels forecast below.
As can be seen from the following 4-hour Key Levels chart for GBP/CAD, the price has recently broken down through the horizontal support level 1.5725, identified by Autochartist. The pair is expected to fall further in the direction of the Forecast Region set between price levels 1.5273 and 1.5506.