GBP/CAD 4H Chart: Channel Down

Over the past several hours the bulls have been trying to derail a downward correction of the pair. In case they penetrate the upper bound of the channel down pattern, this will be a major upward signal for the future. The task is not expected to be easy, as the red trend-line is being secured by the weekly pivot point and 55/100-period SMAs that are located between 1.89 and 1.90. The bears may rely on the fact the market is overcrowded with long traders who are taking up 70% of all positions. Moreover, 4H and daily technical indicators, including the RSI, are advising to sell the pair. To affirm downside intentions and focus on the pattern's support at 1.8036, it should  first erode the monthly S1 at 1.8287.