GBP/CAD 4H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
GBP/CAD is moving away from the resistance at 1.86, which proved to be impenetrable after stopping a three-quarter rally earlier this year. Accordingly, the Pound is expected to turn around ahead of the falling resistance line at 1.84 (also weekly R2 and 200-period SMA) and from there launch yet another attack on the support at 1.81, a breach of which would allow the bearish pattern to develop further. This scenario is more or less reinforced by the technical indicators, which are bullish in the near term, but are mostly giving ‘sell' signals on some of the higher time-frames. At the same time, SWFX traders' sentiment is bearish—67% of presently open positions are short.
© Dukascopy Bank SA
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