GBPCAD (1H) - short term bearish bias
The British pound is under pressure after market participants started to unwind their positions as UK voters are going to the polls today. The bearish RSI divergence forecast a first wave of sell-off as buying momentum was fading. The break below the support level of 1.7370 has dented the optimism and triggered a series of profit-taking. The latest drop below 1.7360 is a confirmation that the price may remain subdued until the election result points to a new direction.
Key support: 1.7280
Key resistance: 1.7410
The British pound is under pressure after market participants started to unwind their positions as UK voters are going to the polls today. The bearish RSI divergence forecast a first wave of sell-off as buying momentum was fading. The break below the support level of 1.7370 has dented the optimism and triggered a series of profit-taking. The latest drop below 1.7360 is a confirmation that the price may remain subdued until the election result points to a new direction.
Key support: 1.7280
Key resistance: 1.7410