GBP/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Since the beginning of this working week the Pound Sterling has already lost about 200 pips versus the Canadian Dollar. It is possible that the pace of the selloff with sharpen in the foreseeable future, as GBP/CAD managed to close below several major supports including the weekly pivot point and the 200-hour SMA, both located at 1.8278. According to the technical indicators, the cross will be a subject to additional slippage over the next 24 hours. Moreover, the SWFX market sentiment (66% long) says that GBP is still overbought against CAD. We see the key near-term demand placed between 1.8115 and 1.8051, namely the April 14 low and weekly S1. A drop below here will expose the pattern's support line.
© Dukascopy Bank SA
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