GBP/CAD may fall 28 - 42 pips

1.7433 is our pivot point.

Our preference

The downside prevails as long as 1.7433 is resistance.

Alternative scenario

Above 1.7433, look for 1.7456 and 1.7470.

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 1.7420 and 1.7439).

Supports and resistances

1.7470 **

1.7456 *

1.7433 **

1.7424

1.7408 last

1.7380

1.7366 **

1.7352 *

1.7338 **

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