GBP/CAD today completed the Clear Pennant chart pattern identified by Autochartist on the 4-hour charts. The overall Quality of this chart pattern is rated at the 7 bar level which is the result of the maximum Initial Trend (rated at the 10 bar level), average Uniformity (5 bars) and high Clarity (9 bars).
The completion of this Pennant continues the predominant downtrend visible on the weekly GBP/CAD charts. High Initial Trend reflects the strength of the preceding downward price impulse. The pair is expected to fall further toward the Forecast Price 1.5652, as can also be seen from the PowerStats chart below.
As you can see from the following PowerStats chart, the lower boundary of the daily Expected Price Range calculated for GBP/CAD for tomorrow (1.5657) stands very close to Forecast Price calculated for the completion of the above Pennant (1.5652) – which heightens the chances that this currency pair will fall further toward 1.5652 in the nearest time.