Daily Forex Update: GBP/CAD

By: Dima Chernovolov

GBP/CAD recently identified the breakout of the hourly resistance level 1.8326. The Significance of this resistance level is rated by Autochartist at the 4 bars level – which reflects the 4 recent reversals from this price level. The pair is expected to rise further toward the Forecast Price 1.8448 in the coming trading sessions. The breakout of this resistance level follows the earlier upward reversal from the strong support level, as is shown on the second chart below.

As can be seen below, the price earlier reversed up sharply from the major long-term support level 1.8150 (which previously reversed the price in April of last year) – which started the latest upward price impulse, which then broke the resistance level 1.8326. The strength of the support level 1.8150 and the oversold reading on the daily Stochastic indicator both increase the probability GBP/CAD will continue to rise to the Forecast Price 1.8448 in the nearest time.

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