GBP/CAD Price Forecast: Possibly Extending Higher In Rising Wedge Pattern
- 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
(Click on image to enlarge)
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.
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