GBP/CAD - potential short opportunity back down to 1.6811

GBP/CAD price has pushed up consistently for the past week. It has now entered an area of interest for us as price has come into contact with the lower boundary of the ascending weekly trend channel, that price was moving within for some years. On the 10th September, price broke outside of this weekly trend channel, quite convincingly, to the downside. We believe that price could now be retesting this confluence zone, before moving to the downside once more. Yesterday price was rejected from this level. If price is rejected from this level again today, then we will be looking to enter short. We will be waiting for the close of today's daily candle before entering.

If today's daily candle closes back inside the weekly trend channel, this analysis will become invalid, and our bias will likely shift to long opportunities.