GBP/CAD Is Bearish

GBP/CAD moved sharply to the upside in the past two days but the pair finally found some resistance at 1.8000 and during a relatively brief sideways consolidation it formed a pair of hanging man candlesticks on the four-hour time-frame then bounced off from the aforementioned resistance level. Currently the pair is still moving to the downside and testing the support at 1.7900. A breakout below that level will probably lead to a further move to the downside towards 1.7825 and a breakout below that, in turn, would likely be a signal for a fall towards the support at 1.7700 which coincides with the (MA)89 indicator on the four-hour time-frame.