Horizontal support level low test rejection in ranging channel

GBP/CAD has tested the rough level of 1.8159 4 times within the ranging channel and most recently has closed as a bearish low test above this support level. This signals at a potential rally back into the top channel at approximately 1.8474 continuing to move within the range. There are two entries into this reversal:

1. Entry above low bearish test bar of 15th August 2014
Entry = 5 pips above high of the bar (1.8223)
Stop = below low of the bar (discretionary)
The bearish low test close above the support level shows a strong rejection by buyers looking for a long move to
previous highs around 1.8474.

2. Entry above a potential bullish close today
Entry = 5 pips above high of the bar
Stop = below low of the bar (discretionary)
This scenario would suggest a shift from bearish to bullish with buyers returning back into the market.

There is also the added bonus of Stochastic and RSI oversold reversal.