GBP/CAD 4H Chart: Channel Down

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Though a channel down on the hourly chart seized to exist after the pair encountered some of the early December highs at 1.7780/60, the bias towards GBP/CAD is nonetheless negative. The indicators are currently mixed, but intactness of a longer-term bearish pattern has been recently confirmed by the presence of a strong resistance area at 1.8020 (down-trend, 200-period SMA). Consequently, we should soon see a re-test of the demand zone around 1.78, where the monthly S1 coincides with the Jan 8 low. If the Sterling does not stop here, the sell-off will be likely to extend further in the direction of the lower boundary of the channel.
© Dukascopy Bank SA
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