GBP/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD has been in a clear up-trend since the very beginning of May, and the bullish momentum is likely to persist. Concerning the shorter-term perspective however, we expect a correction. The Sterling should be sold-off down to the lower edge of the channel and the monthly R1 at 1.99 before demand overpower supply. If the price does not bottom out here and dives deeper, additional supports are at 1.96 and at 1.95 represented by the 200-period SMA and Jul 9 low, respectively. As for the market participants, they are divided in two almost equal camps: 53.5% of open positions are long and 46.5% are short.
© Dukascopy Bank SA
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