GBP/CAD continues to fall after the recent reversal from the top of the 4-hour Flag chart pattern that has been identified by Autochartist – as you can see from the following trade opportunity alert for this currency pair. The price is expected to fall to the target level 1.6306 (point A, the last connecting point of the lower support trendline of this chart pattern) in the following 2 trading days. The stop-level for this bearish forecast is set by Autochartist at 1.6451 (point B, the top of this Flag), which formed when the pair failed to break above the resistance zone surrounding the strong long-term resistance level 1.6400. The Volatility Analysis chart shown on the second chart below confirms this forecast.
As you can see from the following Volatility Analysis chart for GBP/CAD, the lower boundary of the daily Expected Price Range calculated for this currency pair (1.6290) stands close to the target level specified in the above trade opportunity alert (1.6306) – which adds to the probability the price will continue to fall toward 1.6306 tomorrow.
As you can see from the following Volatility Analysis chart for GBP/CAD, the lower boundary of the daily Expected Price Range calculated for this currency pair (1.6290) stands close to the target level specified in the above trade opportunity alert (1.6306) – which adds to the probability the price will continue to fall toward 1.6306 tomorrow.