GBP/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD entered a flattish motion south over the last couple of weeks, sketching a descending channel on the way. The pattern shows no signs of weakness, meaning that we will look for the rate to maintain the bearish path both long and short-term, setting the bottom boundary as the next target at 1.6476. Immediate support lies at 1.6527 and then 1.6502 and both levels are strong enough to mess with the momentum for a smooth fall. The 55 and 100-period SMAs provide a cap from the upside and we do not expect a surge in the nearest future.
© Dukascopy Bank SA
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Fri, 30 Dec 2016 14:58:05 GMT

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