GBP/CAD Long-Term Trend: Bearish
Key Resistance Levels: 1.7123, 1.7159, 1.7200
Key Support Levels: 1.7010, 1.6905, 1.6809
The price on the daily time frame is in a clear downtrend where it is posting lower lows and highs. The pair posted a correction count to the daily resistance near the 1.7123 USD mark. We are expecting further movement to the downside after the correction.
GBP/CAD Medium-Term Trend: Bearish
On the 1-hour time frame the price is trading inside a parallel channel where it retraced to the downside once it reached the higher end of this pattern. We expect that the price will tumble further and move toward our target profit.
Sell Market Order @ 1.7057
TP 1 @ 1.7020
TP 2 @ 1.7010
Stop Loss @ 1.7075
Trade Safely 🙂