GBP/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD continues to trade within the bullish channel, and the currency pair has recently confirmed its bullish intentions by gaining a foothold above the 2008 peak. In the near term, however, the bias is to the downside. The price is approaching the upper trend-line of the pattern, and we expect a bearish correction to start around 2.11 dollars. Alternatively, even if the Sterling slips beneath the lower trend-line at 2.05, there will be plenty of supports to attempt to resume the rally. The closest will be the 200-period SMA at 2.0320, followed by demand at 2.0240 and a cluster of supports around 2.01. Meanwhile, the sentiment is bearish: two thirds of open positions are short.
© Dukascopy Bank SA
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