GBP/CAD May Retrace

GBP/CAD has been quite bullish for a long time now, since September last year, rising from 1.5835 to a high at 1.8415. The pair remains bullish, but it has also formed a distinct spinning top candlestick on the weekly time-frame at the aforementioned high. Such a candlestick is a signal for indecision rather than a reversal, but there may still be a retracement to the downside before the pair continues its move to the upside. If that happens it will probably fall towards the support at 1.8030. A breakout below that level could lead to a further move to the downside towards 1.7500 which is the (MA)89 indicator on the daily time-frame.