GBP/CAD Is Consolidating

GBP/CAD has been choppily moving to the upside for the few weeks but the pair finally encountered significant resistance at 1.7490 which coincides with the (MA)89 indicator on the daily time-frame. The pair has formed a doji candlestick at that level on the daily time-frame, which is signal for indecision and not necessarily reversal. That said, combined with the aforementioned strong resistance, there may be some move to the downside. If there is, next target will likely be at 1.7300, which is the last low. On the other hand, if the pair does eventually break out above the indicator the move to the upside will likely continue and the closest target will probably be at 1.7600.