By: Dima Chernovolov
This technical analysis report is based upon a trade opportunity taken from Autochartist’s Market Reports.
GBP/CAD continues to decline in the direction of the Key Support Level 1.5925 (of the type Approach) identified by Autochartist on the hourly charts – as you can see from the following trade opportunity alert that I received today for this currency pair. This forecast is aligned with the preceding sharp downward price impulse from the major long-term resistance level 1.6200 (which has previously reversed the pair sharply down in May as well as in December of 2012, as you can see on the weekly GBP/CAD chart below). Given the fact, that in both of the aforementioned cases the reversal from 1.6200 was followed by the sharp extended weekly downward price impulse – there is a high probability the pair will fall to the target level 1.5925 in the next 2 trading days.
The following weekly GBP/CAD chart demonstrates the earlier price action which followed the reversal from 1.6200 in May and in December of 2012:
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