The Great Britain pound versus the Canadian dollar seems to be a little undecided.
After confirming the important 1.6620 level, the price extended until the long-time resistance area of 1.7811. In doing so, it also pierced the intermediary level of 1.7499.
But when meeting the resistance of 1.7811, the price retreated, falling around the triple support area defined by the two trendlines and the 1.7160 level.
From the triple support, the bulls attempted, yet again to conquer the psychological level of 1.7500, but to no avail. So, since then, it can be considered that the price is trading within a range, limited by the triple support and the highs marked by 1.7704.
The end of this range, and thus a clear direction, can be offered by the level of 1.7499. So, if the bulls accomplish to confirm 1.7499 as support, then they could pass the highs of 1.7704 and challenge the long-time resistance of 1.7811.
On the other hand, a new fall under 1.7499 may continue the evolution of the range, of course, as long as the triple support holds.
The descending phase that started from the peak of 1.7698 developed unto the 1.7288 level.
From there, a strong really took place, one that almost touched the 1.7727 level, peaking at 1.7704, before retracing under 1.7609.
But this false piercing was not able to send the price in a spiral, as it stopped at 1.7481.
So, as long as 1.7481 holds as support, then the bulls could conquer 1.7609, which in turn opens the path to 1.7727.
On the other hand, a fall beneath 1.7481, may allow further declines, with 1.7383 as a first target, and 1.7288 as the second.
Levels to keep an eye on:
D1: 1.7499 1.7811 1.7160
H4: 1.7481 1.7609 1.7727 1.7383 1.7288
If you have any questions, comments, or opinions regarding the Technical Analysis, feel free to post them using the commentary form below.