GBP/CAD 1H Chart: Double Top

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
Sterling/Loonie cross is preparing to test the pattern's support line in the nearest future, which is represented by the valley between two tops of the current pattern (Jul 21 low). This demand at 2.01 is strengthened by the weekly pivot point, while some bullish momentum can even be created by the 200-hour SMA at 2.0179, where GBP/CAD is trading right now. Additionally, both market sentiment and technical indicators retain their bullish views on the British Pound.  Four-hour and daily studies are bullish, projecting gains for the Pound in the next 24 hours. Moreover, 56% of SWFX market participants are holding long open positions.

© Dukascopy Bank SA
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