GBP/CAD 4H Chart: Decline likely to continue

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Indicator4H1D1W
MACD(12;26;9)SellSellBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)SellSellBuy
SAR(0.02;0.2)SellSellBuy
Aggregate

The British Pound has been depreciating in a short-term descending channel pattern against the Canadian Dollar. This descending channel pattern was formed on March 28.

The exchange rate is currently heading towards the bottom border of a dominant ascending channel at 1.7313.

Most likely, the currency exchange rate will continue its decline within this trading session.

Given that the 50-, 100– and 200-hour SMAs are above the price level, bearish traders could push the GBP/CAD pair to break the dominant ascending channel during the following trading sessions.

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