GBP/CAD 1H Chart: Channel Up

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Source: Dukascopy Bank SA
April showed a strong upward motion for GBP/CAD, causing doubt of whether the movement is sustainable for a continuation. While the pair has established a channel up pattern on the hourly chart, there are some clouds in sight. The pair has not managed to set a decent up-wave into action and has hit 1.7767 twice, creating what could turn into a head and shoulders pattern if the channel is broken to the downside around 1.7717. The neck-line is the most questionable part of the head-and shoulders, downside action would still serve as a solid bearish signal. In case the pair manages to stay inside of the channel, 1.7885 is likely to be the next target.

  Level  Rationale     Indicator 30M 1H 4H
R4 1.7768 Shoulder; Daily R1     MACD (12; 26; 9) Buy Sell Buy
R3 1.7753 Upper Bollinger Band     RSI (14) Neutral Neutral Neutral
R2 1.7750 55-hour SMA     Stochastic (5; 3; 3) Sell Sell Neutral
R1 1.7741 Cloud Resistance     ADX (14) Neutral Neutral Neutral
S1 1.7733 100-hour SMA; 20-hour EMA     CCI (14) Sell Neutral Neutral
S2 1.7724 Daily Pivot Point     AROON (14) Buy Buy Buy
S3 1.7721 Weekly Pivot point     Alligator (13; 8; 5) Buy Neutral Buy
S4 1.7711 Bollinger Band; Channel trend-line     SAR (0.02; 0.2) Buy Buy Sell
          Aggregate → ↘ ↘
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