GBP/CAD may fall 54 - 80 pips

1.7858 is our pivot point.

Our preference

The downside prevails as long as 1.7858 is resistance.

Alternative scenario

The upside breakout of 1.7858, would call for 1.7901 and 1.7927.

Comment

The RSI is below 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 1.7839 and 1.7835).

Supports and resistances

1.7927 **

1.7901 *

1.7858 **

1.7841

1.7823 last

1.7769

1.7743 **

1.7718 *

1.7692 **

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