GBP/CAD 4H Chart: Decline likely to continue

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)BuyBuyNeutral
Stochastic(5;3;3)BuyBuyNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellSell
Aggregate

The Great British Pound has depreciated about 2.03% in value against the Canadian Dollar since May 14. The exchange rate has revealed a new narrow descending channel pattern.

As for the near future, it is likely that a breakout could occur through the lower boundary of the descending channel pattern at 1.7088 during the following trading sessions.

However, the currency exchange rate could reverse from the current price level at 1.7088 and aim for a resistance line at 1.7306 in the short-term.

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