GBP/CAD: Bullish Forecast

Published 03/14/2013, 05:32 AM
Updated 03/09/2019, 08:30 AM
GBP/CAD

continues to rise inside the Down Channel chart pattern identified by Autochartist on the 4-hour charts (as can be seen from the following trade opportunity alert for this pair). The pair is expected to break up above the upper resistance trendline of this Up Channel and to reach the target level 1.5597 (point B on the chart below) in the following 4 trading days. This target level corresponds to the last downward reversal point of the upper trendline of this chart pattern. Autochartist sets the stop level for this bullish forecast at 1.524695 (point A, which is the bottom of the aforementioned Down Channel). This point formed when the pair corrected up from the major long-term support level 1.5250 (which previously stopped and reversed the strong downtrend in July of 2011). The RSI value being less than 40 confirms this bullish forecast.
<span class=GBP/CAD" title="GBP/CAD" width="600" height="339">
The following weekly GBP/CAD chart shows the previous price action close to the support level 1.5250:
GBP/CAD Weekly<span class=GBP/CAD Weekly" title="GBP/CAD Weekly" width="596" height="660">

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