GBP/CAD 4H Chart: Channel Up

It seems that USD/ZAR was not the only currency pair to reverse its bearish trend, as the GBP/CAD cross decided to show the similar development. However, a surprising recovery of the Pound started earlier, namely in the middle of the previous week. Right now the pair is nearing the weekly R1 at 2.0569. A breach of this supply will give a clear positive sign for bulls, as the next resistance area is already composed of the weekly R2 and the upper edge of the pattern. 4H indicators give strongly optimistic signs, suggesting that the pair will not experience difficulties with reaching the 2.07 mark. On the other hand, 71% of traders have a different opinion on the matter, as they are short on this currency pair.