GBP/CAD 1H Chart: Channel Down

Note: This section contains information in English only.
Source: Dukascopy Bank SA
© Dukascopy Bank SA
The GBP/CAD cross has been trading inside the bearish pattern since early November, after reaching a three month high at 1.8290.
The currency pair is nearing the upper trend line of the pattern that is located just few pips away from the weekly PP at 1.7811. Most likely the Pound will reach the resistance line; however, a bullish break-out is not anticipated for the time being. The technical indicators are mixed; however, many of them are neutral. Also, the SWFX traders' are uncertain about the next movements of the pair, as the sentiment is neutral with 51.78% of them expecting that the Sterling will outperform the Canadian peer.
© Dukascopy Bank SA
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