GBP/CAD has
been moving to the downside for the past several weeks and for now the pair
remains quite bearish, but it did find some support at 1.6790. It formed a pair
of spinning top candlesticks on the four-hour time-frame and bounced off from
it once. It is now testing it for a second time and if it breaks out below that
level it will likely continue falling towards 1.6700. On the other hand, if the
pair forms a double bottom at the aforementioned support level there could be a
retracement towards the closest resistance – first towards 1.6920, then towards
1.6950. Obviously the trend is still bearish, and any retracement is only
temporary.
Looks like is developing a double bottom.
ReplyDeleteI think it will keep falling.
ReplyDeleteI think it will rebound.
ReplyDeleteThe pair is almost trading flat in the low.
ReplyDelete