HomeContributorsTechnical AnalysisGBP/CAD 4H Chart: Breach Cluster

GBP/CAD 4H Chart: Breach Cluster

The Pound Sterling has been trading in a long-term channel up against the Canadian Dollar since September, 2017. During this rally, Sterling reached a new high at 1.7659.

The currency exchange rate has breached a resistance cluster set by the monthly pivot points and the 55– and 100– hour SMAs, as it can be observed in the chart.

The GBP/CAD pair is likely to continue moving north to re-test the high at 1.7659. Traders should look for opportunities to trade long, as technical indicators suggest the rally could continue.

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.

Featured Analysis

Learn Forex Trading