GBP/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD sustains momentum it gathered in April and May and continues to develop the pattern. The price has recently bounced off the lower edge of the channel, and it is currently moving north, towards the resistance trend-line at 2.09. There we will expect a start of a bearish correction. At the same time, should the price suddenly collapse beneath the green up-trend, there will still be a good chance for a rebound from 2.0140, where the Jul 29 low is strengthened by the monthly PP, weekly S2, and 200-period SMA. Nevertheless, the SWFX market seems to reckon that the rally is overextended: right now 73% of open positions are short.
© Dukascopy Bank SA
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