GBP/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
On a massive scale the Pounds movements against the Canadian Dollar are being dictated by the Fibonacci retracement levels, which are measured by connecting the 2016 October low and 2016 August high levels. However, most recently the currency exchange rate has revealed that on a smaller scale there are two simultaneously active channel down patterns, which are guiding the pair from one retracement level to another. In accordance with the both descending channels the currency exchange rate is set to move to the 38.20% Fibonacci retracement level at 1.6456 level. Although, the rate will face the support of the 200-period SMA, which on April 13 was located at 1.6549 level.
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