Daily Forex Update: GBP/CAD
By: Dima Chernovolov
GBP/CAD continues to fall inside the hourly Down Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Down Channel at the 5-bar level – which is the result of the slow Initial Trend (2 bars), above-average Uniformity (6 bars) and higher Clarity (7 bars). GBP/CAD is expected to fall further inside this Down Channel – in line with the earlier downward reversal from the resistance area shown below.
As can be seen from the daily GBP/CAD below, the pair previously reversed down from the resistance area lying between the key resistance level 1.7480 (monthly high from December) and the upper daily Bollinger Band. The proximity of this resistance zone increases the probability GBP/CAD will continue to fall inside this Down Channel.
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