GBP/CAD may rise 65 - 95 pips

Our pivot point stands at 1.7889.

Our preference

Look for a drop towards 1.7889 before a bounce.

Alternative scenario

Below 1.7889, expect 1.7837 and 1.7806.

Comment

The RSI is above 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7940 and 1.7940).

Supports and resistances

1.8100 **

1.8069 *

1.8038 **

1.8008

1.7943 last

1.7909

1.7889 **

1.7837 *

1.7806 **

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