The GBPCAD currency pair has reaffirmed its alignment with the prevailing bearish sentiment, as it has generated new closing prices below the additional resistance located at 1.6770. In doing so, it has endeavored to create a series of negative price waves and has settled near the 1.6615 level.
The presence of the MA55 around the additional resistance zone serves as confirmation of the containment of trades within the established bearish trend. Based on this, our expectations remain geared towards targeting the 1.6520 level in the near term. Further bearish pressure could potentially drive the pair towards the 61.8% Fibonacci correction level at 1.6320 on a medium-term basis.
For today’s trading, the expected range is anticipated to be between 1.6670 (resistance) and 1.6520 (support). As the overall trend currently appears bearish, it is important for traders to closely monitor the price movements and key levels to make informed trading decisions.