A Channel Up has formed, GBP/CAD is approaching resistance. Can we expect a breakout and the start of a new trend or a reversal?

GBP/CAD - Continuation Chart Pattern - Channel Up
GBP/CAD is trapped in a Channel Up formation, implying that a breakout is Imminent. This is a great trade-setup for both trend and swing traders. It is now approaching a resistance line that has been tested in the past. Divergence opportunists may be very optimistic about a possible breakout and this may be the start of a new trend. It may also be that this convergence factor may result in the ideal setup for swing traders that are on the lookout for a possible bounce-back. Whatever happens, an initial move towards 1.6967 is expected in the short term.

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