GBP/CAD Bounced off from 1.7852

GBP/CAD has been moving to the upside for the past month until it finally reached a resistance at 1.7852 and bounced off from that level, forming an obvious shooting star candlestick on the daily time-frame as well as a spinning top candlestick on the weekly time-frame. While the pair remains quite bullish for the moment both these candlesticks, and especially the one on the daily time-frame, are a good signal that there will likely be an impending move to the downside. Should that happen, the pair will likely start falling towards the support at 1.7500, which coincides with the (MA)89 indicator on the daily time-frame. On the other hand, if it breaks out above 1.7852 despite the signal for a move to the downside, it could rise towards 1.7960, which is the same indicator, but on the monthly time-frame.