The GBPCAD currency pair has recently encountered a robust barrier at the 1.6770 level during its last bullish correction, acting as a deterrent to any efforts to establish new upward trends. As a result, the pair has exhibited some fluctuation near the 1.6700 level.
The persistence of this formidable barrier, coupled with signs from key technical indicators suggesting the potential for a negative momentum, may significantly enhance the likelihood of a bearish trajectory becoming prominent. In such a scenario, the pair would likely target the 1.6590 level, with the potential to extend the decline further to 1.6535.
The anticipated trading range for today remains within 1.6600 and 1.6770, and the overall outlook is leaning towards a bearish trend.