GBP/CAD has rallied up to a new high for 2024 and reached the top trendline of a long-term rising channel.
GBP/CAD has rallied up to resistance at the upper channel line of a rising channel. It is at an important crossroads. The uptrend holds but price is diverging bearishly with MACD. Although it is in a strong uptrend the top of the channel is likely to exert tough resistance and there is a risk of a pullback and countertrend correction unfolding. The pair has reached a critical level.
That said, price itself has not formed any kind of reversal pattern yet. It is also in an uptrend on all three major time frames – the short, medium and long-term. This suggests that overall the current is flowing north. Given it is a principle of technical analysis that “the trend is your friend” the odds favor more upside. Given the resistance above, however, price would have to decisively break above the upper channel line to confirm a continuation.
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