GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD cross has been respecting the lower trend-line of the pattern since mid-Tuesday. Even though more than 24 hours have already passed since then, the Sterling is still unable to bounce off this support line. The main resistance is  represented by the weekly R1 and yesterday high around 2.0580. A rebound above this mark will mean further gains for the UK currency against its Canadian peer. The next target for bulls is weekly R2 at 2.0680, followed by the pattern's resistance at 2.0731. On the other hand, downside risks remain in place, while a fall below 2.0508 should trigger sell-off down to the weekly PP at 2.0351. Meanwhile, 71% of traders are short and support the bearish scenario.

© Dukascopy Bank SA
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