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GBPCAD has formed shooting star at 1.7397 levels and the sloping channel patterns in the minor trend.
You can observe failure swings at the channel resistance, but bulls are attempting to shrug-off these bearish indications.
However, the upswings are not backed by both leading and lagging indicators.
Upon failure swings, the pair is likely to drag slumps up to the next strong support at 1.7362 levels.
For now, more dips seem to be likely on RSI’s faded strength at 59 levels (refer 4H chart).
Bears counter double bottom pattern with shooting star at around neckline, both leading and lagging indicators substantiate this bearish stance (refer monthly plotting).
Momentum oscillators indicate bearish potential, RSI’s divergence signals faded strength in the consolidation phase.
Trend indicators have been indecisive but bearish bias, hence, the chances of bearish swings prolonging further are slightly high.
Immediate support - 1.7398 levels and Strong support - 1.7362 levels.
Immediate resistance - 1.7430 and Stiff resistance - 1.7509 levels.
Trade Recommendation: On trading grounds, at spot reference: 1.7404 levels, we advocate executing tunnel spread options strategy with upper strikes at 1.7426 and lower strikes at 1.7380 levels, the strategy is likely to fetch leveraged yields as long as the underlying price keeps sliding towards lower strikes on the expiration.
Alternatively, on hedging grounds, we advocate shorting futures contracts of mid-month tenors as the underlying spot FX likely to target southwards 1.6995 levels in the medium-term.
Writers in a futures contract are expected to maintain margins in order to open and maintain a short futures position.
Currency Strength Index: FxWirePro's hourly GBP spot index is inching towards 45 levels (which is bullish), while CAD is flashing at -60 levels (which is bearish), while articulating at (12:08 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
