GBP/CAD 4H Chart: Double Top

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
After appreciating for 100 bars, the pair has reached 1.6514, hitting the highest since February 2010. Since then the pair began a sideways movement and currently trading at 1.63. Regarding the possible outlook it seems that in the short term the pair will drop up to the pattern's support, as indicators on 4H chart are sending "sell" signals, while 61% of traders are holding short positions, expecting pair's depreciation. However, in a longer term the pair is likely to resume following an uptrend, supported by technicals on a weekly chart. In case more then 3-year high will be breached, the next major stop is 1.6554– weekly resistance.
© Dukascopy Bank SA
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