GBPCAD capped below channel’s resistance
After topping out in the 1.9550 regions, the GBPCAD pair has achieved considerable downside actions where it succeeded in tracing potential descending channel as seen on the provided daily graph.
The short-lived bounce from 1.5160 territories has been stopped at 1.8650 where the GBPCAD pair has experienced the under-construction resistance line and the upper line of Bollinger bands.
The afore-mentioned cluster resistance zones have been able to push the pair lower below the middle line of Bollinger bands.
In the interim, Stochastic has come out of overbought territories, suggesting weak momentum for the recovery started at 1.8160, while Vortex-trend indicator- has turned into negativity once again.
Accordingly, we believe that the bearish trend started in the last week of February at 1.9550 may continue over upcoming sessions, softly targeting 1.8160 and a break below it will expose the psychological level of 1.80, as there is a lackluster of significant supports bellow 1.8160.