- Major resistance -1.65185 (Feb 7th 2017 High)
- Major support – 1.6400
- GBP/CAD has shown minor jump above trend line resistance of 1.65100 (trend line joining 1.66277 and 1.65590) and started to decline from that level. It is currently trading around 1.64835.
- The pair should break above 1.6520 for further jump till 1.6560/1.6625 (Jan 24th high) in the short term.
- On the lower side, minor support is around 1.64450 (23.6% retracement of 1.62169 and 1.65185) and break below targets 1.6400 (30- day EMA)/1.6330.
- Short term bearish invalidation only above 1.7525 level.
It is good to sell on rallies around 1.6485-1.6490 with SL around 1.6560 for the TP of 1.6400/1.6330
Resistance
R1-1.6520
R2 -1.6560
R3- 1.6625
Support
S1-1.6445
S2-1.6400
S3- 1.6330
