GBP/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
A 146-bar long channel up was formed by GBP/CAD on September 3, and during the last 6 days there were three attempts to break pattern's support, however, bears were not strong enough and the pair bounced back from the lower trend line. Regarding the possible outlook, we can suggest in the nearest future the pair will try to penetrate 1.6534 once again, however, it is unlikely that bears will be able to push it lower than 1.6467, as this level is represented by a 200-bar SMA. From the upside, bulls are likely to face significant problems around 1.67– October 7 high, daily and weekly resistance as well as Bollinger band.
© Dukascopy Bank SA
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