Daily Forex Update: GBP/CAD

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

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.

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