GBP/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
As GBP/NZD has bottomed out near 1.81 at the end of May, the currency pair was able to commence a recovery, which later on developed into a bullish channel. However, right now the rate is facing the resistance represented by the upper trend-line of the pattern, weekly R1 and May 21 high, meaning in the nearest future the Sterling is likely to weaken relative to the Canadian Dollar. At the same time, the rising trend-line at 1.8221, which is currently reinforced by the weekly S1 and Jun 11 low, will be expected to stop this sell-off and initiate yet another bullish wave. Meanwhile, the SWFX market is bearish towards GBP/NZD—62% of open positions are short.
© Dukascopy Bank SA
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