GBP/CAD 4H Chart: Decline likely to continue
The Great British Pound has been depreciating in an ascending channel pattern against the Canadian Dollar since the end of December. This decline began after the currency pair reversed from a psychological resistance level at 1.7500 on December 31.
When looking at the positioning of the exchange rate, it is likely that the decline will continue during the following trading session. The potential downside target for the price will be near a swing low of 1.6710.
Moreover, technical indicators demonstrate that bears are could continue their dominance in the market during this week’s trading session.
When looking at the positioning of the exchange rate, it is likely that the decline will continue during the following trading session. The potential downside target for the price will be near a swing low of 1.6710.
Moreover, technical indicators demonstrate that bears are could continue their dominance in the market during this week’s trading session.
Comment:
The British Pound has gained about 3.91% of its values against the Canadian Dollar since mid-January. The currency pair reversed from a low level of 1.6750 on January 11 and followed by an upside wave.
The exchange rate breached the upper boundary of a dominant descending channel pattern on Friday.
Most likely, it is expected the Pound Sterling continues its upward momentum during the following trading sessions.
However, a resistance cluster formed by the weekly and the monthly PPs at 1.7639 could provide a significant resistance for the currency exchange rate in the short-term.
The exchange rate breached the upper boundary of a dominant descending channel pattern on Friday.
Most likely, it is expected the Pound Sterling continues its upward momentum during the following trading sessions.
However, a resistance cluster formed by the weekly and the monthly PPs at 1.7639 could provide a significant resistance for the currency exchange rate in the short-term.
Comment:
The British Pound has depreciated about 2.37% of its values against the Canadian Dollar during the last week. The decline began after the exchange rate tested the upper boundary of a dominant descending channel pattern at 1.7500 on January 29.
The currency pair is currently trading near the bottom border of an ascending channel at 1.7093 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will target a swing low of 1.6830 during the following trading sessions.
However, if the bottom border of the channel pattern holds, the pair could aim for the 50-hour SMA at 1.7319 within this session.
The currency pair is currently trading near the bottom border of an ascending channel at 1.7093 and could be set for a breakout.
If this breakout occurs, the currency exchange rate will target a swing low of 1.6830 during the following trading sessions.
However, if the bottom border of the channel pattern holds, the pair could aim for the 50-hour SMA at 1.7319 within this session.
Comment:
The British Pound has appreciated over 1.60% in values against the Canadian Dollar since February 5. The exchange rate reversed from a swing high of 1.7275 during last week’s Friday trading session.
As apparent on the 4(H) chart, the currency pair is currently moving towards the lower boundary of a junior ascending channel at 1.7029.
If the GBP/CAD currency exchange rate passes a support level formed by the bottom border of the channel, the general direction is expected to remain downward.
However, if the support level as mentioned earlier holds, the next upside target for the pair will be near the weekly R1 at 1.7319.
As apparent on the 4(H) chart, the currency pair is currently moving towards the lower boundary of a junior ascending channel at 1.7029.
If the GBP/CAD currency exchange rate passes a support level formed by the bottom border of the channel, the general direction is expected to remain downward.
However, if the support level as mentioned earlier holds, the next upside target for the pair will be near the weekly R1 at 1.7319.
Comment:
The Pound Sterling versus the Canadian Dollar has revealed a new junior descending channel pattern. This channel pattern has guided the currency pair towards a one-month low at 1.6969.
The exchange rate was stranded between SMAs during the morning hours of today’s trading session. The 200-hour simple moving average was providing resistance for the pair at 1.7135, while the 50-hour SMA and the weekly PP at 1.7082 were supporting the rate.
A breakout through the upper boundary of the junior descending channel is likely to occur within this session. If the breakout occurs, a surge towards 1.7350 could be expected.
The exchange rate was stranded between SMAs during the morning hours of today’s trading session. The 200-hour simple moving average was providing resistance for the pair at 1.7135, while the 50-hour SMA and the weekly PP at 1.7082 were supporting the rate.
A breakout through the upper boundary of the junior descending channel is likely to occur within this session. If the breakout occurs, a surge towards 1.7350 could be expected.
Comment:
The British Pound has appreciated about 1.58% in values against the Canadian Dollar since last week. The currency pair was supported by a cluster formed by the of the weekly and the monthly PPs and the combination of the 50-,100 and 200-hour SMAs at 1.7170.
A for the near future, it is likely that the currency exchange rate continues its bullish movement. Buyers could push the pair towards the upper boundary of a dominant descending channel pattern at 1.7409.
Most likely, the GBP/CAD currency pair makes a brief retracement towards a psychological level of 1.7200 during the following trading sessions.
A for the near future, it is likely that the currency exchange rate continues its bullish movement. Buyers could push the pair towards the upper boundary of a dominant descending channel pattern at 1.7409.
Most likely, the GBP/CAD currency pair makes a brief retracement towards a psychological level of 1.7200 during the following trading sessions.
The exchange rate tested the upper boundary of the descending channel pattern at 1.7079 during the Asian session on Monday.
Given that the currency exchange rate has breached the channel pattern, it is likely that the pair could aim for the monthly PP at 1.7204 today.
However, a resistance level formed by the 100-hour SMA at 1.7103 could restrict the British Pound from gaining further strength against the Canadian Dollar during the following trading sessions.