GBP/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The British Pound is trading against the Canadian Dollar in the medium-term descending channel, which began to form after the currency pair touched and rebound from the 38.2% Fibonacci retracement level at 1.7836. The retracement levels for this pair are measured by connecting the 2016 high and low levels. At the present moment, the pair is aimed to reach the upper trend line of the pattern. However, on its way up the currency exchange rate has to encounter the resistance of the weekly PP at 1.7659 and 100-period SMA at 1.7663. Hence, if the pair will not manage to break through it, a falling wedge may form, which could lead to breaking of the channel in the first half of June.

  Level  Rationale     Indicator 4H 1D 1W
R4 1.7680 Upper Bollinger Band     MACD (12; 26; 9) Sell Sell Sell
R3 1.7659/63 Weekly PP; 100-period SMA     RSI (14) Sell Buy Buy
R2 1.7612 55-period SMA     Stochastic (5; 3; 3) Neutral Neutral Neutral
R1 1.7571 20-period SMA     ADX (14) Sell Sell Sell
S1 1.7495 Weekly S1     CCI (14) Neutral Buy Buy
S2 1.7472 Trend line     AROON (14) Neutral Buy Neutral
S3 1.7463 Bottom Bollinger Band     Alligator (13; 8; 5) Buy Buy Buy
S4 1.7368/60 Weekly S2; 200-period SMA     SAR (0.02; 0.2) Sell Buy Buy
          Aggregate

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