GBP/CAD Price Prediction: Rising Wedge pattern could be vulnerable to break down
Source Fxstreet
- GBP/CAD might be completing a bearish Rising Wedge price pattern.
- If so, there is an increased risk of a downside break.
GBP/CAD recovers to trade back inside its Rising Wedge pattern after temporarily falling below the lower boundary line. It remains vulnerable to a downside break.
Rising Wedges are bearish patterns. Although there is no way of confirming GBP/CAD has formed one for sure it looks likely that it has.
GBP/CAD 4-hour Chart
A break below the lower boundary line and then below 1.7871 (November 6 low) would probably confirm a decisive breakdown and lead to a decline to 1.7719, the October 3 swing low.
GBP/CAD broke temporarily above the upper guardrail of the Rising Wedge pattern on several occasions (blue circles on chart) on September 20 and November 1. This could be a sign of bullish exhaustion and an early warning of impending reversal.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
The US-Israel-Iran conflict enters its second week as new developments emerge in the situation.On March 9 local time, U.S. President Trump sent a clear signal during a press conference, s
West Texas Intermediate (WTI) crude oil price gave up gains from the previous session, trading around $81.70 per barrel during the Asian hours on Wednesday.
President Trump claimed the war is essentially over, as cryptocurrencies surged across the board and Bitcoin broke through $70,000.
WTI recovers to near $86.50 as Strait of Hormuz remains closedWest Texas Intermediate (WTI), the US crude oil benchmark, is trading around $86.40 during the early Asian trading hours on Tuesday. The WTI price faces extreme volatility following a massive spike to nearly $120 per barrel in the previous session.
West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $86.40 during the early Asian trading hours on Tuesday. The WTI price faces extreme volatility following a massive spike to nearly $120 per barrel in the previous session.
On the afternoon of March 9, Beijing time, following a surge in international crude oil prices triggered by escalating geopolitical conflicts in the Middle East, the Group of Seven (G7) u
Related Instrument
