By: Dima Chernovolov
GBP/CAD continues to rise inside the 15-minute Up Channel chart pattern which was previously identified by Autochartist. Autochartist rates the quality of this Up Channel at the 8-bar level – which is the result of the sharp Initial Trend (10 bars), average Clarity (5 bars) and higher Uniformity (7 bars). GBP/CAD is expected to rise further inside this Up Channel.
As can be seen from the daily GBP/CAD chart below – the pair earlier reversed up from the support area located between the key support level 1.7046 (which has been reversing the price from the start of May), 50% Fibonacci correction of the upward impulse from May and the lower daily Bollinger Band. The proximity of this support area increases the probability GBP/CAD will continue to rise inside this Up Channel.