The beginning of the month was quite eventful for the Turkish lira. However, this week it started to lose its volatility. What is happening?
GBP/CAD reversed from support zone
- GBP/CAD reversed from support zone
- Next buy target - 1.6900
GBP/CAD continues to rise following the earlier upward reversal from the support zone lying between the key support level 1.6550 (former strong resistance level from January) and the 50% Fibonacci correction of the strong sharp upward impulse wave (iii) from the middle of March. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Piercing Line.
GBP/CAD is expected to rise to the next buy target at the resistance level 1.6900 (which stopped the previous minor impulse wave (iii) at the end of March).
The last "Pennant" pattern has been broken, so bulls found resistance at 1.2915. Nevertheless, the market is likely going to move on, so we should...
USD/CHF remains weak across the board and stays strong with a bearish consolidation below the 200 SMA at H1 chart…
There's no any reversal pattern so far, so the market is likely going to test the nearest resistance area in the short term...