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.

Joaquin Monfort FXStreet

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.

Author

Joaquin Monfort

FXStreet

Joaquin Monfort is a financial writer and analyst with over 10 years experience writing about financial markets and alt data. He holds a degree in Anthropology from London University and a Diploma in Technical analysis.

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