GBP/CAD 4H Chart: Channel Up

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
After weaker-than-expected inflation report from the U.K., the GBP/CAD plunged below the 200-period SMA and hit pattern's support at 1.6644. Taking into account the fact that the Pound is sold in 63% of all cases across the board, and that technical indicators on the 4H chart are sending "sell" signals, a penetration of the support line could be expected. Nevertheless, in a longer period the pair is likely to rebound, and continue appreciating, as aggregate indicators on a weekly chart are pointing to the opposite direction. The short-term outlook is bearish, hence, the next stop for the short traders could be a key level of 1.6581, represented by a recent low.
© Dukascopy Bank SA
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