HomeContributorsTechnical AnalysisGBP/CAD 4H Chart: Target Near 200-Hour SMA

GBP/CAD 4H Chart: Target Near 200-Hour SMA

The Pound Sterling has been depreciating against the Canadian Dollar in a steep descending channel. This movement has been guided by a four-month junior descending channel.

During the past few days, the 55-hour simple moving average has pushed the currency pair towards the lower boundary of a dominant ascending channel. However, this decline stopped by the weekly S2 at 1.6647.

As for the near future, it is likely that the exchange rate makes a northern movement towards a resistance cluster formed by the weekly, the monthly PPs and the 55-hour SMA at the 1.6921 regions during the following trading sessions.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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