GBP/CAD Is Retracing

GBP/CAD continued its move to the upside after breaking out above 1.7475 and reached a new high at 1.7635 but the pair found some resistance at that level and after forming a pair of hanging man candlesticks on the four-hour time-frame it began to descend. Not only that, but the pair has also clearly broken out below 1.7475, which from a resistance became a support level and is currently testing the next support at 1.7445. If the pair succeeds in breaking out below that support too there could be a further move to the downside towards 1.7350 and then to 1.7265, which is the (MA)89 indicator on the four-hour time-frame.