Autochartist recently identified the horizontal Key Support Level 1.5800 (of the type Approach) on the 4-hour GBP/CAD charts. Autochartist rates the Significance of this Support Level at the 5 bar level which corresponds to the five recent price reversals from this Key Level.
The price recently reversed sharply down (at point A) from the strong support area near the previous high 1.6200 (which reversed the pair down in May of this year). The pair is expected to continue downward movement toward this Key Support – which can also be seen from the next PowerStats chart below.
As can be seen form the following PowerStats chart, the lower boundary of the daily Expected Price Range calculated by Autochartist for GBP/CAD (1.5804) nearly coincides with the Key Support Level show above (1.5800) – which heightens the likelihood that this currency pair will approach 1.5800 tomorrow.
The following daily GBP/CAD chart shows the previous price action close to resistance level 1.6200:GBP/CAD" title="GBP/CAD" width="591" height="588">