GBP/CAD dived out of a falling channel on the hourly chart. Hourly RSI probes the overbought territory. The spot trades above all major HMAs. GBP/CAD broke the overnight consolidative mode to the upside in early Europe, diving out of the falling channel formation carved out on the hourly chart. The bullish breakout appeared after the price closed the hour above the falling trendline support at 1.7099. The golden cross, with the 50-hourly Simple Moving Average (HMA) having pierced the 21-HMA from below also adds credence to the move higher. The bulls aim for the pattern target at 1.7226 before which the 1.7200 barrier will be tested. The hourly Relative Strength Index (RSI) teases the overbought conditions, suggesting that there is more room to the upside. Any pullbacks will meet demand at the trendline resistance now support at 1.7099, below which the bullish 21-HMA at 1.7068 will likely challenge the bears’ commitment. To conclude, the path of least resistance is to the upside, as the spot trades above all the major hourly averages. GBP/CAD: Hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s manufacturing sector expansion to pick up pace in September – Reuters poll FX Street 2 years GBP/CAD dived out of a falling channel on the hourly chart. Hourly RSI probes the overbought territory. The spot trades above all major HMAs. GBP/CAD broke the overnight consolidative mode to the upside in early Europe, diving out of the falling channel formation carved out on the hourly chart. The bullish breakout appeared after the price closed the hour above the falling trendline support at 1.7099. The golden cross, with the 50-hourly Simple Moving Average (HMA) having pierced the 21-HMA from below also adds credence to the move higher. The bulls aim for the pattern target at 1.7226 before… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
