GBPCAD (1H) - short term bearish bias
The pound sterling is weakening against major currencies for lack of fundamental catalyst. The pair came under pressure at the previous high of 1.7080 after buyers failed to push through the resistance level. The price is now sliding towards the 30-day moving average (1.6700). On the hourly chart, the RSI has dipped into the over-sold territory, and in case of a pullback we expect the support-turned-resistance 1.6920 to see more followers joining the sell-off.
Key support: 1.6720
Key resistance: 1.6970
The pound sterling is weakening against major currencies for lack of fundamental catalyst. The pair came under pressure at the previous high of 1.7080 after buyers failed to push through the resistance level. The price is now sliding towards the 30-day moving average (1.6700). On the hourly chart, the RSI has dipped into the over-sold territory, and in case of a pullback we expect the support-turned-resistance 1.6920 to see more followers joining the sell-off.
Key support: 1.6720
Key resistance: 1.6970