Are Bulls Willing to Cede from 1.7701?

The Great Britain pound versus the Canadian dollar currency pair seems to be under some bearish pressure. Is this just a thing of the now, or are the bears getting the upper hand?

Long-term perspective
From the 1.7674 high, the price ebbed under the firm resistance area of 1.7567, rendering a false piercing. As a consequence, the bears extended the decline until the 1.6810 low.
From there, the bulls shifted the direction, turning the price towards the north and riding it until the 1.7496 high.
Still, the bears caused a new fall, this time until the 1.6768 low. Determined, the bulls drew another rise, sending the price to the 1.7483 low.
However, on this occasion, the bears were unable to go about their plan — for the bulls found support at the zone of the 1.7285 intermediary level.
So, after consolidation above 1.7285, the bulls continued their march, finally conquering 1.7567. As they departed from the latter, the bulls reached the 1.7792 intermediary level from where the bears reenacted the false piercing, leaving behind the high of 1.7884.
If the intermediary level of 1.7705 offers support, then the bulls may have another try to continue their endeavor. Of course, even if 1.7705 becomes support, further advancement might be limited by 1.7792. Only if 1.7792 is conquered, the bulls could aim for 1.0890 — not visible on the chart.
On the other hand, if 1.7709 turns resistance, then 1.7567 could see the price again.

Short-term perspective
After the decline from 1.7640 stopped at the 1.7349 low, the bulls commenced pushing the price to higher values.
So, as 1.7487 became support, the buyers kept the price in an ascending movement.
This is how the price managed to get above the firm area of 1.7701 and stretch to the 1.7887 level.
The level of 1.7701 may become support. If it doesn’t, then the price could revisit 1.7626, from where the bulls could push it back over 1.7701. Still, as long as the bulls remain in the loop, 1.7791 is the first bullish target, followed by 1.7887.
Only if 1.7626 cedes, the fall may extend until 1.7487.

Levels to keep an eye on:

D1: 1.7705 1.7792 1.0790 1.7567
H4: 1.7701 1.7626 1.7791 1.7887 1.7487

If you have any questions, comments, or opinions regarding the Technical Analysis, feel free to post them using the commentary form below.

Original from: www.earnforex.com