Daily Forex Update: GBP/CAD
AutoChartist | Mar 10, 2014 02:52AM ET
Autochartist recently identified the Down Channel chart pattern on the 4-hour GBP/CAD charts – as is shown on the following trade opportunity alert for this currency pair. The price is expected to rise to the target level 1.8654 (point B) in the next 3 trading days. The stop-level for this forecast is set by Autochartist at 1.8315 (point A). This bullish forecast is aligned with the preceding sharp daily upward price impulse from the support zone lying between the round support level 1.8000 and 38.2% Fibonacci Correction of the preceding upward impulse from December (as you can see on the second chart below).
The following daily GBP/CAD chart shows the aforementioned support levels:
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