GBP/CAD has just completed the high Quality Pennant chart pattern on the daily charts. The Quality of this chart pattern is rated at the near maximum 8 bar level which is the result of the strong values of all the quality indicators that affect the Quality: Initial Trend (10 bars), Uniformity (10 bars) and Clarity (8 bars). High Initial Trend reflects the strength of the preceding down impulse which broke through the support line of the ABC correction to the prevailing down trend visible on the daily charts. The top of this Pennant formed at the interaction with this ABC support line - now acting as resistance. The price is expected to fall toward the Forecast Zone set between the price levels 1.5318 and 1.5662.
The lower-term 30-minute GBP/CAD chart shows the high Clarity Falling Wedge chart pattern that continues the prevailing down-trend. The Clarity of this chart pattern is rated at the 8 bar level, which reflects the strength of the bearish pressure on the pair.
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