The Great Britain pound versus the Canadian dollar currency pair seems to try, yet again, to confirm the 1.7500?
The rise that started from the area of the major support of 1.6620, towards the end of March, touched the long-time 1.7811 resistance level. The decline that followed was stopped by the triple support zone made possible by both the ascending and descending trendlines, and the 1.7160 level, respectively.
The appreciation that resulted etched the peak of 1.7700, from where a new descending wave commenced, one which set its low at 1.7333.
However, the next bullish run seems, at least for now, to have met resistance at the 1.7499 level. So, as long as the bulls will not be able to bring the price back above the 1.7499 level, the bears are in hold of the situation. Noteworthy is that the conservative bears will wait for the low of 1.7333 to be taken out before shorting the market at a better price. This could make the sellers hope for the 1.7160 support level to be their first target.
On the other hand, if the bulls take another shot and succeed in conquering 1.7499, then the long-time resistance area of 1.7811 could be their aim. In this regard, the high of 1.7700 could be an intermediary mark.
After peaking at 1.7698, the price retraced at the double support area made possible by the level of 1.7481 and the lower boundary of the ascending channel.
But the ascension from the double support was stopped at the next level, 1.7609. As a result, the decline pierced the double support and formed a range trading area limited by the 1.7481 resistance and the 1.7383 support.
The fact that the price oscillated on April 23 and 24, respectively, under that support, only to come back above it, could be a sign of the bulls not willing, yet, to let go.
So, as long as the 1.7383 level keeps its role as a support, the bulls have the opening to pierce 1.7481 and confirm it as support. If this happens, then 1.7609 becomes their first objective.
Only if 1.7383 gives way, then the bears could run for 1.7288.
Levels to keep an eye on:
D1: 1.7499 1.7160 1.7811
H4: 1.7481 1.7383 1.7609 1.7288
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