GBP/CAD may fall 60 - 88 pips

Our pivot point stands at 1.7916.

Our preference

The downside prevails as long as 1.7916 is resistance.

Alternative scenario

Above 1.7916, look for 1.7964 and 1.7992.

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 stands below its 20 and 50 period moving average (respectively at 1.7876 and 1.7877).

Supports and resistances

1.7992 **

1.7964 *

1.7916 **

1.7897

1.7872 last

1.7812

1.7784 **

1.7755 *

1.7727 **

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