Chart - Courtesy Trading View
Technical Analysis:
- GBP/CAD has erased early gains and was trading largely unchanged at 1.5181 at around 12:20 GMT
- The pair has been on a downward spiral since February 2022 and bear grip remains intact
- GMMA indicator shows major and minor trend are strongly bearish
- Price action is below major moving averages which are trending lower
- Momentum is strongly bearish, volatility is high and rising
- Price action is below cloud and Chikou span is biased lower
- MACD and ADX support downside in the pair
Support levels:
S1: 1.5002 (June 2010 low)
S2: 1.4830 (May 2010 low)
Resistance levels:
R1: 1.5216 (5-DMA)
R2: 1.5356 (21-EMA)
Summary: GBP/CAD trades with a strong bearish bias. The pair is poised to test fresh multi-year lows at 1.50 level.
