GBP/CAD 1H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The British Pound has been advancing for more than 200 hours; the climb was performed within the boundaries of a channel up pattern. Recently, the pair has attained a five-year high at 1.7551; a stab to this peak provoked a sharp decline to the pattern's support line, close to which GBP/CAD is trading now. However, a further downside is unlikely as a strong support represented by the 200-hour SMA is meandering slightly below the lower limit of the pattern and may mollify selling pressure that was pushing the currency couple lower during the last several hours.
© Dukascopy Bank SA
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