GBPCAD → Waiting for the price to start rising
Updated
GBPCAD is forming a bearish trend change attempt. The Canadian dollar index is declining, while the GBP index is in consolidation against the background of the uptrend. The growth of the currency pair may continue after retesting the support at 1.6977 and forming consolidation above this zone.
What confuses us is the false breakdown of the 200-hour moving average, but what is interesting is that there is no strong fall. The market is in a correction phase and apparently the price is set to test the previously broken resistance (support at the moment). After consolidation, the market may move into the realization phase (distribution), where the price is capable of reaching 1.7275 in the medium term.
Support levels: 1.6977, 1.6898
Resistance levels: 1.7050, 1.7132
I expect growth after the end of the correction phase. It is worth paying attention to the above support, because it is from this zone that the price can start the strengthening phase
Regards R. Linda!
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