By: Dima Chernovolov
GBP/CAD continues to rise inside the 30-minute Rising Wedge chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Rising Wedge at the 4-bar level – which reflects the slow Initial Trend (2 bars), below-average Uniformity (4 bars) and higher Clarity (6 bars). GBP/CAD is expected to rise further inside this chart pattern – in line with the earlier breakout of the resistance area shown below.
As can be seen from the daily GBP/CAD below, the price recently broke through the resistance area located between the powerful resistance level 1.7300 (which has been reversing the price from July) and the 200-day moving average. This price area is acting as strong support zone after it was broken. The proximity of this support zone increases the probability GBP/CAD will continue to rise inside this Rising Wedge.
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