GBP/CAD Is Bearish

Driven by the fundamentals but also after forming a hanging man candlestick on the four-hour time-frame at 1.8090 GBP/CAD moved sharply to the downside today. The pair is currently testing the support at 1.7950 and it will very likely succeed in breaking out below that level. If that happens there will probably be a further move to the downside towards the last low at 1.7840. A breakout below that level in turn could lead to yet another move to the downside towards the support at 1.7600 which coincides with the (MA)89 indicator on the daily time-frame.

On the other hand, if the move to the downside ends at 1.7950 there will likely be a rally towards the abovementioned resistance at 1.8090.