GBPCAD breaks the uptrend, a bearish rally is forming and the price is testing local support. A break of the liquidity area will renew the sell-off against a weaker GBP and a rising CAD.Pound sterling is moving from accumulation to realization and downward distribution on the background of expectations that the UK central bank will start an earlier interest rate cut relative to the US Fed. The Canadian, on the contrary, is growing on the background of monetary policy tightening in the country.
The resistance at 1.7336 plays a key role for the currency pair at the moment. A false breakdown (touching the SMA) is possible before the subsequent price drop, a breakdown of 1.7297 will strengthen the sell-off.
Resistance levels: 1.7336, 1.7387, 1.7415.
Support levels: 1.7297, 1.7228
I expect consolidation in the local range, which may turn into a phase of further decline. Key liquidity zones are 1.7228 - 1.7085.
Regards R. Linda!
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