The GBPCAD currency pair experienced a correction in its bullish momentum, testing an additional resistance level at 1.6790, in proximity to the MA55. Subsequently, it initiated a return to the downside, with stability noted around 1.6690.
Furthermore, the stochastic indicator is indicating a negative shift as it exits the overbought territory. This development suggests the potential for further bearish movements, with an anticipation of a decline to 1.6610 as the immediate support, followed by an extended target at 1.6525.
As for today’s trading prospects, the expected range lies between 1.6715 and 1.6610, with the overall trend for the day leaning bearish.