GBP/CAD continues to fall after the recent completion of the high Quality Up Channel chart pattern identified by Autochartist on the daily charts. Autochartist rates the overall Quality of this chart pattern at the 8 bar level as a result of the maximum Initial Trend (10 bars), substantial Uniformity (8 bars) and significant Clarity (7 bars). This chart pattern continues the overriding downtrend visible on the daily, weekly and the monthly GBP/CAD charts. The high Initial Trend reflects the strength of the preceding sharp daily downward price impulse. The pair has recently broken down through the lower support trendline of this Up Channel with the Breakout, whose strength is measured at the highest 10 bar level. GBP/CAD is expected to decline further in the direction of the Forecast Price 1.5384 in the nearest time.
As you can see from the PowerStats chart below, all of the daily Expected Price Range for GBP/CAD for tomorrow (from 1.5625 to 1.5431) stands below the broken support trendline of the above Up Channel – which adds to the probability that this currency pair will continue to decline tomorrow.
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Daily Forex Update: GBP/CAD
Published 03/12/2012, 04:10 AM
Updated 03/09/2019, 08:30 AM
Daily Forex Update: GBP/CAD
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