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FxWirePro: GBP/CAD refreshes 12-year lows, outlook bearish

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. 
 

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