GBP/CAD may fall 62 - 93 pips

Our pivot point stands at 1.8004.

Our preference

The downside prevails as long as 1.8004 is resistance.

Alternative scenario

Above 1.8004, look for 1.8056 and 1.8086.

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 1.7970 and 1.7975). Finally, the GBP/CAD is trading below its lower Bollinger band (standing at 1.7951).

Supports and resistances

1.8086 **

1.8056 *

1.8004 **

1.7983

1.7950 last

1.7888

1.7857 **

1.7826 *

1.7795 **

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