GBP/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
While in the short run the Sterling is likely to be bullish, in the longer-term perspectives are considered to be bearish. GBP/CAD is currently trading at the lower boundary of the emerging channel, which implies a high chance of an upward correction. The immediate resistance is at 2.01 (weekly S1 and daily PP), but the price is expected to recover up to 2.03. There the pair should meet the upper trend-line and 200-hour SMA and commence a new bearish wave. In the meantime, a majority of the SWFX market participants has a positive outlook on GBP/CAD: 72% of open positions are long, although the hourly and four-hour technical indicators are sending ‘sell' signals.
© Dukascopy Bank SA
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