GBPCAD is forming a trend change. The price is breaking the key support area and most likely the fall may continue within the channel. The Canadian is strengthening a bit stronger than the pound sterling, which is losing ground on the background of fundamental politics.
On the chart we see the formation of a fresh descending channel, but the range of 1.793 - 1.697 is more key for us. The price breaks the support of the range and forms a false breakdown in the correction phase. Consolidation of the price below the level will form a bearish potential can send the price to the mentioned target. The market may be interested in the lower boundary of the channel as a target.
In the long term we consider price strengthening from the trend support and classical trading of the price inside the bearish trend. It is also worth paying attention to the moving averages.
Resistance levels: 1.6977, 1.700
Support levels: 1.694, 1.6855
I expect a decline, a retest of the trend support (here is our target), which may be followed by a rebound before a further decline.
GBPUSD USDCAD 
DXY Regards R. Linda!
Note
Note
Trade closed: target reached
target reached, but there are further downside prospects: 
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.