GBP/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
At the beginning of November the GBP/CAD cross almost reached the 1.83 mark; however, it failed to breach it and trailed lower; meanwhile, forming a bearish channel.
Recently, the pair reached upper boundary of the pattern and it is still hovering near it, showing signs of bullishness. However, the strong resistance that is offered by the monthly PP and 200-period SMA is holding the pair's bulls back for now. The SWFX market participants anticipate that the pair most likely will continue to decline as 64.60% of them have opened short positions. And the technical studies are neutral, suggesting that no major moves are expected.
© Dukascopy Bank SA
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