GBP/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
A failure to settle above 1.89 has led to formation of a bearish channel, and GBP/CAD is thus expected to move further south. Over the next few days the Sterling should cover the distance between the boundaries of the channel, namely fall from 1.8614 down to the region near 1.8450. However, we might see some bullish reaction at 1.8550 and at 1.8500, both levels have proven to be important in the past. However, if the pair closes above the upper trend-line, the target will be moved to 1.8670, where the daily R2 merges with the 200-hour SMA. Additional resistances are at 1.8700 (daily R3 and monthly PP) and at 1.8735. In the meantime, sentiment is bullish—75% of positions are long.
© Dukascopy Bank SA
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