Market Forecasts for GBP/CAD for February 16th – February 20th

 Weekly Technical Outlook: Pound in for a fall this week

 

Market Forecasts for GBP/CAD for February 16th – February 20th
Market Forecasts for GBP/CAD for February 16th – February 20th
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Technical Analysis:

As shown above, the pair has the hit the resistance level and has been rejected by the current level price which had previously acted as support, and has now turned resistance. The price is testing the levels once again by forming a Pin bar candle rejection followed by next day doji candle, suggesting that the pair has turned bearish and is looking further bearish for the week ahead with price moving between 1.8900 – 1.8850

Economic:

  • Pound’s inflation figure to drop to 0.4 %
  • Core CPI data to be released on February 17th
  • Bank of England Monetary Policy Committee Meet on 18th along with BOE of England Minutes

Area of Interest:

  • GBP/CAD pair has rejected the weekly resistance level
  • Pin bar with doji suggesting that pair is in for some rejection
  • Pound has been in a strong upward movement for the year 2015

For more article written by Sylvester Stephen, please visit http://www.noafx.com

 

 

 

 

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