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Weekly forecast British Pound vs. Canadian Dollar technical chart

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Trading suggestion:

  • By appearing primary signs of entering the market, new entry zone and short-term targets would be published.

DateSat, 05/18/2019 - 13:19
Currentrange bound
Forecastbeginning of downtrend
Last weekBearish

Midterm forecast:

  • There is no trend in the market and the price is in a range bound, but we forecast a downtrend wave below 1.7315 would begin in Midterm.

Technical analysis:

  • The RSI uptrend #1 is broken, so the probability of beginning of downtrend is increased.
  • A peak is formed in daily chart at 1.7730 on 05/06/2019, so more losses to support(s) 1.6825, 1.6595, 1.6230 and more depths is expected.
  • Price is below WEMA21, if price rises more, this line can act as dynamic resistance against more gains.
  • Relative strength index (RSI) is 31.

Supports and Resistances:

  1. 1.8415
  2. 1.8050
  3. 1.7655
  4. 1.7535
  5. 1.7420
  6. 1.7315
  7. 1.7175
  8. 1.6825
  9. 1.6595
  10. 1.5755
Click on the level to view price action history.