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GBP/CAD 4H Chart: Stranded Between SMAs

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.

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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