GBP/CAD Is Bearish

GBP/CAD was forming a relatively wide sideways consolidating for about two weeks between the support at 1.7280 and the resistance at 1.7475 which coincides with the (MA)89 indicator on the daily time-frame. Finally the pair broke out below the aforementioned support at 1.7280 and continued moving to the downside. Currently the pair has broken out below the next support at 1.7240 and it will very likely reach 1.7200. A breakout below that level, in turn, could lead to a further move to the downside which Is at 1.7055, which is also the last low. A breakout below that level could be a signal for another drop towards the long-term target at 1.6750.