GBP/CAD 4H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD bottomed out in early October, and since then the currency pair has been developing a bullish channel. Accordingly, we hold a positive bias with respect to the Sterling, especially considering the near-term technical indicators. The rate is expected to rebound from 2.0190/50 and test a tough resistance level at 2.0320. In case of success the price will be in a good position to rise towards 2.0570.
Alternatively, in case the lower boundary of the channel and the 200-period SMA fail to trigger a rally, the price will have a chance to stabilise near the monthly PP at 2.0086/58. However, the sell-off will likely extend deeper, down to a cluster of supports at 1.98.
© Dukascopy Bank SA
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