GBP/CAD 1W Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Having established a major support area around 1.5250 (2011 and 2013 lows), GBP/CAD began forming a channel back in 2013. However, the outlook until the end of the next year's first quarter is bearish, as the currency pair has recently bounced off of the upper boundary of the pattern and started a downward correction. The decline is expected to extend through the October low at 1.9739, and the Sterling is likely to bottom out only near the rising support trend-line, which is currently standing at 1.90. On the other hand, if the bulls gain the upper hand, the immediate resistance is at 2.10, implied by the August high and round level. The next potential ceiling is represented by the rising trend-line at 2.13.
© Dukascopy Bank SA
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