GBP/CAD has temporarily broken above the upper channel line of a long-term rising channel before falling back down and closing (on Friday) near where it opened.
GBP/CAD has formed a bearish candlestick pattern after briefly breaking above a channel line. This could be a sign a pullback is about to unfold, however, downside pressure has been limited so far. GBP/CAD has temporarily broken above the upper channel line of a long-term rising channel before falling back down and closing near where it opened.
However, GBP/CAD is also showing bearish divergence with the Moving Average Convergence Divergence momentum indicator . Although the price has risen to a much higher peak compared to July 12, the MACD is actually lower. This is a bearish sign and suggests a higher chance of a pull back evolving. Given the strong overarching uptrend, however, the pullback might just be a temporary sell-off. If there is a correction, however, it might reach the 50-day Simple Moving Average at 1.7753.
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