GBP/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD continues to develop a bullish channel despite the 200-period SMA it is currently facing. If the up-trend and weekly PP stay intact, the currency pair will probably be able to surpass last week's high and challenge the upper boundary of the pattern. In the longer term we will then be waiting for a test of the September high.
Alternatively, should the rate slide beneath 2.0146 today, the outlook will be changed to bearish, and 1.9940 will be considered the first main target, represented by a combination of the weekly and monthly S1 levels. Meanwhile, the key support is 1.98. As for the sentiment, 74% of open positions right now are long.
© Dukascopy Bank SA
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