By: Dima Chernovolov

GBP/CAD continues fall rise inside the well-formed 15-minute Down Channel chart pattern which was recently identified by Autochartist. Autochartist rates the quality of this Down Channel at the 9-bar level – which is the result of the strong Initial Trend (9 bars), substantial Uniformity (8 bars) and maximum Clarity (10 bars). GBP/CAD is expected to fall further inside this Down Channel – in line with the earlier breakout of the major support level shown below

03082018dailyfximage1

As can be seen from the daily GBP/CAD chart below, the price earlier broke through the powerful, multi-month support level 1.7060 (which stopped the sharp downtrend in May, as can be seen below). This price level is acting as a strong resistance after it was broken. The proximity of this resistance level adds to the likelihood GBP/CAD will continue to fall inside this Down Channel.

03082018dailyfximage2

To subscribe to the e-mail alerts feature is quick and easy. Log into the Autochartist platform, click on ‘Alerts & Messaging’, enter your email address, select the market you want covered, select your language, and the time you want to get your report, and you’re done! You will now receive a quick morning technical outlook of the markets.

 

For further information on this and other Autochartist products visit www.autochartist.com

0 Likes
403 Views

You may also like

Comments are closed.