The rate consolidation that took form a descending triangle on the weekly chart of GBP/CAD reflects the broad weakness of the Great Britain pound, which is also seen in the EUR/GBP ascending triangle posted here yesterday. The downtrend in GBP/CAD lasts since 2015 and is forming a strong horizontal support since October last year. Traders taking this setup should be wary of its correlation with the one in EUR/GBP.
The chart pattern is shown with the yellow lines on the image below. The cyan line shows my breakout entry level located at 10% of the triangle’s base width below the lower border. The green line shows my
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