GBP/CAD 4H Chart: Channel Up

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
Although the upward momentum of GBP/CAD has been weakening lately, the currency pair still remains bullish and is likely to preserve this tendency in the future. However, there are significant downside risks in the near term, being that the Great Britain Pound has just encountered the upper boundary of the corridor and is therefore poised for a decline. Once the support at 1.8448 represented by the weekly pivot point is breached, there will be a good chance that the rate will reach the weekly S1 at 1.8225, which is currently reinforced by the 200-period SMA. Additional demand area is around 1.8150, due to presence of the one-month upward-sloping trend-line.

© Dukascopy Bank SA
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