GBP/CAD 1H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound is in a downward aimed channel against the Canadian Dollar, as the currency exchange change recently reached the pattern's upper trend line at 1.6700. There are no support levels on the rates way to the pattern's support line at 1.6545, which is supported also by the weekly S1. The hypothesis of a fall of the pair is also supported by various other factors. First of all, the upper trend line will soon be strengthened by the 55-hour SMA, which was at 1.6721 by 10:00 GMT. Secondly the aggregate technical indicators forecast a fall for the pair in the hourly and four hour timeframes. However, the forecast predicts no changes in the currency exchange rate on a daily timeframe. Last but not least, the pair is overbought, as 71% of open positions are short.
© Dukascopy Bank SA
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