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 meme coin cumulative market cap waned by 11.79% this month. But those who’ve been riding the crypto rollercoaster for years know to buy the dip.
India’s economy is tumbling, and it might take whole world down with itIndia’s economy is spiraling. The rupee is sinking like a stone, dragging with it a mix of trade deficits, shrinking capital inflows, and uncertainty. The country’s economy has quickly become so important that if it plummets, the global economy will be at stake.
India’s economy is spiraling. The rupee is sinking like a stone, dragging with it a mix of trade deficits, shrinking capital inflows, and uncertainty. The country’s economy has quickly become so important that if it plummets, the global economy will be at stake.
Amidst a race with its competitors to produce the next smash-hit weight loss drug, Novo Nordisk's (NYSE: NVO) stock crashed by 19% on Dec. 20, after the company reported results from a late-stage clinical trial that it framed as a success.
Shiba Inu Has Plummeted 41% From Its 52-Week High. Is It Time to Buy?Volatility has always been a feature of the cryptocurrency markets. The collective value of all coins and tokens in existence recently hit an all-time high of nearly $3.9 trillion, but the market is in correction territory again, with a 12% drop as of this writing.
Volatility has always been a feature of the cryptocurrency markets. The collective value of all coins and tokens in existence recently hit an all-time high of nearly $3.9 trillion, but the market is in correction territory again, with a 12% drop as of this writing.
An analyst has explained how an important Bitcoin indicator is back to levels that may be considered healthy for a bull-market uptrend.
Related Instrument
