GBP/CAD may fall 45 - 66 pips

1.7807 is our pivot point.

Our preference

The downside prevails as long as 1.7807 is resistance.

Alternative scenario

Above 1.7807, look for 1.7842 and 1.7863.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7778 and 1.7776). Finally, the GBP/CAD is trading below its lower Bollinger band (standing at 1.7767).

Supports and resistances

1.7863 **

1.7842 *

1.7807 **

1.7793

1.7767 last

1.7722

1.7701 **

1.7680 *

1.7659 **

Number of asterisks represents the strength of support and resistance levels.