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GBP/CAD: Down Trend To Continue

Published 01/17/2013, 11:25 AM
Updated 03/09/2019, 08:30 AM
GBP/CAD
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GUID
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As can be seen from the following Autochartist’s e-mail alert, GBP/CAD is expected to continue downward movement in the next two days. The pair had previously broken the support trendline of the Double Top chart pattern identified by Autochartist on the daily charts. The target level for this decline is set by Autochartist at 1.5707. The stop-level is set at 1.62155 (point A on the chart below) which stands very close to the long-term resistance level 1.6200 (which had previously reversed the pair down in May and November of 2012). The downward impulse from A recently broke the upward-sloping support trendline from August of 2012. Expect further downward movement toward the target level 1.5707 in the next two trading days. The downward sloping moving average adds to the probability GBP/CAD will fall further.
<span class=GBP/CAD" title="GBP/CAD" width="600" height="340">
The daily GBP/CAD chart below shows the technical price levels which affected the recent movement of this currency pair.
<span class=GBP/CAD: Technical Price Levels" title="GBP/CAD 2" width="592" height="640">

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