FxWirePro: GBP/CAD slips below 1.72 handle, watch out for Symmetric Triangle breach for further weakness

GBP/CAD chart - Trading View 

Technical Analysis: Bias bearish

- GBP/CAD was trading 0.27% lower on the day at 1.7194 at around 11:00 GMT

- Price action is set to extend break below 200-DMA, outlook bearish

- Gravestone Doji formation on the previous week's candle dents upside 

- Oscillators are bearishly aligned, Stochs and RSI are biased lower and RSI is below the 50 mark

- MACD shows bearish crossover on signal line, 5-DMA has confirmed a bearish crossover on 20-DMA

- -ve DMI dominance adds to the bearish bias, ADX is rising in support of the downside

- GMMA indicator shows major and minor trend are bearish

Support levels - 1.7110 (Lower BB), 1.7091 (200W MA), 1.70 (psychological mark)

Resistance levels - 1.7252 (5-DMA), 1.7304 (200-DMA), 1.7353 (200H MA)

Summary: GBP/CAD is attempting breach at Symmetric Triangle base at 1.7205. Decisive break below will drag prices lower. Scope for test of 200W MA at 1.7091 ahead of 1.70.