GBPCAD may fall to 1.5293 - 1.5529
Our preference
The downside prevails as long as 1.6406 is resistance.
Alternative scenario
The upside breakout of 1.6406, would call for 1.6805 and 1.7043.
Comment
The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.6191 and 1.6422).
Weekly chart is also bearish.
Our preference
The downside prevails as long as 1.6406 is resistance.
Alternative scenario
The upside breakout of 1.6406, would call for 1.6805 and 1.7043.
Comment
The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.6191 and 1.6422).
Weekly chart is also bearish.