GBP/CAD may rise 52 - 78 pips

1.7786 is our pivot point.

Our preference

The upside prevails as long as 1.7786 is support.

Alternative scenario

The downside breakout of 1.7786 would call for 1.7743 and 1.7717.

Comment

The RSI is above its neutrality area at 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7819 and 1.7812).

Supports and resistances

1.7956 **

1.7931 *

1.7905 **

1.7879

1.7827 last

1.7803

1.7786 **

1.7743 *

1.7717 **

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