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Downward Biased Symmetrical Triangle on GBP/CAD

March 1, 2020 (Last updated on March 9, 2020) by

The long-term uptrend, which was lasting since August, 2019, on the weekly chart of the GBP/CAD currency pair, entered a consolidation phase in mid-December and is now ripe for a breakout. Despite the obvious decline in the triangle’s lacking symmetry, a bullish breakout from such a pattern topping a rising trend wave is expected to continue in the original direction — upwards.

You can see the borders of the triangle marked with the yellow lines on the chart below. The cyan line shows my entry level and is located at 10% of the triangle’s base width above the upper border. The green line depicts my take-profit level in case of a successful breakout; it is located at 100% of the triangle’s base width above the upper border. I will set my stop-loss to the triangle’s lowest point (1.69178). I will ignore bearish breakouts from this trend continuation pattern. You can click on the image below to see a larger version of the chart:

GBP/CAD - Symmetrical Triangle Pattern on Weekly Chart as of 2020-03-01

I have built this chart using the ChannelPattern script. You can download my MetaTrader 4 chart template for this GBP/CAD pattern. You can trade it using my free Chart Pattern Helper EA.

Update 2020-03-06 11:17 GMT: GBP/CAD rose past my entry level of 1.74049 just an hour and a half ago, triggering a buy trade with a stop-loss at 1.69172 and a take-profit at 1.80205 (subject to change with each passing week). The breakout doesn’t look to be very powerful and the GBP/CAD rate can still pull back from this point:

GBP/CAD - Symmetrical Triangle Pattern on Weekly Chart as of 2020-03-06 - Post-Entry Screenshot

Update 2020-03-09: A very strong weekly gap on nearly all Forex pairs also affected GBP/CAD in such a way that my trade closed in profit at 1.79827 today at 1:50 GMT:

GBP/CAD - Symmetrical Triangle Pattern on Weekly Chart as of 2020-03-09 - Post-Exit Screenshot

If you have any questions or comments regarding this symmetrical triangle on the GBP/CAD chart, please feel free to submit them via the form below.

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