GBP/CAD 1H Chart: Channel Down

GBP/CAD is projected to continue correcting lower in the foreseeable future, after the downside trend within boundaries of the bearish channel was resumed yesterday in the afternoon. The Sterling was sent lower by 100/200-hour SMAs at 2.0430, which in turn led to crossing of the 55-hour moving average later the same day. From the perspective of technical indicators and market sentiment (51% bullish) the outlook is quite mixed at the moment. Despite that, we see the pair nearing the pattern's lower trend-line by Monday of next week. However, before that the Pound is required to confirm a strong support zone, which is created by weekly and daily S2 at 2.0156/52.