• GBP/CAD is climbing higher within what could be a Rising Wedge price configuration. 
  • It is currently finding support at the 50-day SMA. 
  • A decisive break lower could signal substantial further weakness. 

    • GBP/CAD continues trading higher in what looks like a Rising Wedge pattern. Within the confines of the pattern’s borders the pair is finding support at the (red) 50-day Simple Moving Average (SMA) at about 1.7879. GBP/CAD Daily Chart  GBP/CAD will probably respect the borders of the pattern and continue rising in line with the medium and long-term bull trend. The short-term trend is less clear and could be classed more specifically as sideways. A decisive break below the lower trendline of the Rising Wedge would probably signal the start of a steeper descent. Such a breakout lower would be confirmed by a close below 1.7700, and would probably result in a move down to support at the 200-day SMA at around 1.7445. More By This Author:USD/CAD Price Forecast: Bulls Have The Upper Hand Despite Corrective Slide, 1.3800 Holds The Key USD/CAD Moves Away From Post-BoC Swing High, Slides To 1.3825 On Softer USDGBP/JPY Rises Over 1.0% As Political Instability Weighs On The Yen

    Print Friendly, PDF & Email

    Related Posts