GBP/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD topped out at 1.8260 this month and now the pair is moving south. If none of the nearest supports manage to stop the decline, the pair will continue to form the bearish channel that is already more than 200 bars long. Since the Sterling is currently trading just below the upper boundary of the figure, the bias towards GBP/CAD is strongly negative. The currency is to respect the resistance at 1.8150 and start descending. The dip will most likely extend down to 1.7870, where it is going to meet the Oct low and the lower down-trend line. However, neither the four-hour nor daily studies are not in favour of a sell-off right now—most of them give ‘buy' signals.
© Dukascopy Bank SA
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