GBP/CAD 4H Chart: Channel Down

Source: Dukascopy Bank SA
© Dukascopy Bank SA
The Pound showed some gloomy technical aspects against the Canadian Dollar on the four-hour chart and managed to sketch a channel down pattern to contain the bearish motion. The pattern sill needs some confirmation in order to be considered credible enough to base a strategy on. We now expect the pair to dip towards the bottom trend-line of the pattern at 1.6372 and it will have to prove its weakness at 1.6417 and 1.6381 in order to do so. Immediate support lies at 1.6539 and resistance – at 1.6632. In case the motion does not go as planned, however, the resistance cluster around the upper boundary of the pattern of 1.6691/1.6752 will come into play.
© Dukascopy Bank SA
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