GBP/CAD Price Prediction: Pierces below confirmation level for Rising Wedge
Source Fxstreet
- GBP/CAD has broken below the confirmation level for the breakout from its Rising Wedge pattern.
- It is likely to continue lower until it fulfills the minimum price objective for the pattern.
GBP/CAD is extending its decline after breaking out of a bearish Rising Wedge pattern.
The pair has already pierced below the October 3 lows (dashed red line), one of the confirmation levels for the pattern and is therefore likely to continue lower.
GBP/CAD Daily Chart
The next target to the downside is at 1.7518, the 61.8% extrapolation of the width of the Rising Wedge at its widest part extrapolated lower. This is the usual technical method for forecasting breakouts.
Prior to the breakdown, 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 is 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
SoundHound AI Stock Is Up 1,051% in 2024. Where Could It Be at the End of 2025?SoundHound AI (NASDAQ: SOUN) is a leading developer of conversational artificial intelligence (AI). Its stock came public in 2022, but it flew under the radar until February 2024, which is when Nvidia (NASDAQ: NVDA) revealed that it had acquired a small stake in the company.
SoundHound AI (NASDAQ: SOUN) is a leading developer of conversational artificial intelligence (AI). Its stock came public in 2022, but it flew under the radar until February 2024, which is when Nvidia (NASDAQ: NVDA) revealed that it had acquired a small stake in the company.
2024 was another great year for investors. The S&P 500 and Nasdaq Composite gained 24% and 30%, respectively, thanks in large part to tailwinds fueled by artificial intelligence (A
Pudgy Penguins (PENGU) price has surged over 9% in the last 24 hours, with trading volume soaring 150% to reach $907 million. Now the second-largest Solana meme coin behind BONK, PENGU is attracting s
Prediction: 1 Stock That Will Be Worth More Than Palantir 3 Years From NowPalantir Technologies has been one of the hottest stocks on the market over the past couple of years, clocking eye-popping gains of more than 1,100% as of this writing thanks to its accelerating growth that's being driven by the booming demand for artificial intelligence (AI) enterprise software.
Palantir Technologies has been one of the hottest stocks on the market over the past couple of years, clocking eye-popping gains of more than 1,100% as of this writing thanks to its accelerating growth that's being driven by the booming demand for artificial intelligence (AI) enterprise software.
2025 Bitcoin Predictions: Top Fund Manager Shares His OutlookIn a thread on X, Alistair Milne, the co-founder and Chief Investment Officer (CIO) of the Altana Digital Currency Fund (ADCF), has outlined his Bitcoin predictions for 2025. With a tenure at ADCF dating back to 2014, Milne’s insights carry significant weight in the investment community.
In a thread on X, Alistair Milne, the co-founder and Chief Investment Officer (CIO) of the Altana Digital Currency Fund (ADCF), has outlined his Bitcoin predictions for 2025. With a tenure at ADCF dating back to 2014, Milne’s insights carry significant weight in the investment community.
Related Instrument
