The GBPCAD pair exhibited persistent downward movement, characterized by robust negative momentum, influenced notably by the steadfastness of the 1.7122 resistance level. This resistance’s stability affirms the pair’s submission to bearish sentiment, as evidenced by its descent below the MA55 and its current hovering near 1.7030.
It’s noteworthy that the stochastic indicator approaching oversold territory is poised to intensify downward pressure on ongoing trades. Consequently, maintaining a negative outlook seems prudent, with potential for further declines anticipated, potentially targeting new lower levels, particularly around 1.6985 and subsequently 1.6935.
Expected Trading Range for Today:
Traders can anticipate a trading range for today spanning from 1.7050 to 1.6985.
Trend Forecast: Bearish