GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
Today's outlook on the Sterling is bullish. GBP/CAD is expected to bounce off the lower boundary of the channel and rise towards 1.94. There the rate should encounter strong resistance, implied by the upper trend-line and the weekly R2 level. The downside risks are represented by supply around 1.93, where the weekly R1 merges with the Jun 16 high, but a base case scenario is still a close above this area. If demand at 1.9220 turns out to be insufficient to start a rally, there is likely to be a sell-off down to 1.91, the current location of the 200-hour SMA. The attitude of the SWFX market towards the Pound is mostly negative. Right now only 40% of open positions are long.
© Dukascopy Bank SA
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