The GBPCAD pair has recently succumbed to downward pressure, breaking below the minor bullish channel’s support line at 1.7040. It has formed a series of negative waves, settling near 1.6930, and is currently testing the MA55 (Moving Average 55).
Stochastic indicators are showing consolidation within the oversold areas, which increases the likelihood of gathering additional negative momentum. This suggests that more bearish attempts are expected, with the first potential target at 1.6810, followed by a possible move towards the historical support level at 1.6765.
The expected trading range for today is projected to be between 1.6960 (resistance) and 1.6810 (support).
The expected trend for today is bearish.