GBP/CAD 1H Chart: Channel Up

11. Aug. 2017

GBP/CAD 1H Chart: Channel Up

• The British Pound is trading against the Canadian Dollar in a short-term ascending channel that formed in the result of a 78-pips appreciation of the Loonie three days ago.
  
• At the moment, it consists of two reaction highs and two reaction lows and, thus, might cease to exist already in the first half of the next week.
  
  
• After reaching the 1.6561 level, the currency rate made an expected rebound and started to slip towards a combined support level set up by the 55- and 100-hour SMAs, channel’s bottom trend-line and the weekly PP at
• 1.6519.
  
• Even though the pair proved to be relatively indifferent towards the above technical indicators, a rebound is still expected to happen.
  
• By the way, the pair might bounce off even earlier from the 200-hour SMA near 1.6533.