GBP/CAD 1H Chart: Channel Up

Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD is expected to face an increased pressure from the bearish side of the market. This currency pair has just reached the upper boundary of the channel up pattern, meaning the correction has become the base scenario. Key target level of the bears is 1.8320 where the Sterling is estimated to meet the lower edge of the channel. The SWFX market sentiment backs the sell-off, as 72% of all positions are long and GBP is overbought. On the other hand, medium-term technical studies are signalling to the north, thereby raising upside risks. To confirm the positive outlook and break out of the pattern, GBP/CAD should penetrate the daily and weekly R2 resistances placed at 1.8615/30, respectively.
© Dukascopy Bank SA
Back to articles

Actual Topics

Subscribe to "Fundamental Analysis" feed

Subscribe
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.
To learn more about Dukascopy Bank Binary Options / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Dukascopy Bank CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Crypto Trading / CFD / Forex trading platform, SWFX and other trading related information,
please call us or make callback request.
To learn more about Business Introducer and other trading related information,
please call us or make callback request.
For further information regarding potential cooperation,
please call us or make callback request.