GBPCAD (D) - medium term bearish bias
The pound sterling is making its way down after reaching the March high of 1.7780. The long spike on the daily chart indicated a sharp rejection at that major resistance level. Buyers have started to take profit. Neither the moving averages or the level of 1.7050 succeeded in offering support during the retracement. As the 20-day MA crosses below the 30-day one in a classic bearish movement, we would expect the pair to turn south for the next few days.
Key support: 1.6720
Key resistance: 1.7270
The pound sterling is making its way down after reaching the March high of 1.7780. The long spike on the daily chart indicated a sharp rejection at that major resistance level. Buyers have started to take profit. Neither the moving averages or the level of 1.7050 succeeded in offering support during the retracement. As the 20-day MA crosses below the 30-day one in a classic bearish movement, we would expect the pair to turn south for the next few days.
Key support: 1.6720
Key resistance: 1.7270