GBP/CAD continues to fall inside the extended Rectangle chart pattern identified by Autochartist on the 15-minute charts. The length of this chart pattern is equal to 213 candles. The overall Quality of this chart pattern is rated at the 3 bar level reflecting the low Initial Trend (one bar), slightly higher Uniformity (3 bars) and above-average Clarity (6 bars). This chart pattern continues the predominant downtrend visible on the daily and the weekly GBP/CAD charts. More specifically, this chart pattern continues the previous daily downward price impulse from the strong level of resistance 1.6400, which had been reversing upward impulses of this currency pair from the August of 2010 (as is shown on the second chart below). GBP/CAD is expected to continue downward movement toward the lower support trendline of this Rectangle.
The following daily GBP/CAD shows previous price action close to the major resistance level 1.6400:GBP/CAD" title="GBP/CAD" width="598" height="568">