Bears Still Present at 1.7567 on GBP/CAD

The Great Britain pound versus the Canadian dollar currency pair seems to have fallen into bearish “hands” yet again.

Long-term perspective
The rally that started from the 1.6769 low peaked at 1.7647, which is pretty above the firm resistance area of 1.7567.
However, the fast pace at which the bulls extended beyond this level was not compatible with a consolidation pattern that would have acquired 1.7567 as support.
As a result, the bears took their occasion and sent the price beneath 1.7567. Once there, the price had little to do but yield a fall.
Still, from the 1.6810 low, the bulls set in motion a recovery, one that reached the 1.7496 high. Again, this ended up as a false piercing, this time of the 1.7445 intermediary level.
Of course, what followed was another fall, which etched the 1.6768 low. The bulls managed to make a comeback from here, as well.
This time they almost rivaled the previous peak at 1.7674, printing a tip at 1.7640. To their disappointment, the bulls saw their work washed away as the price slipped under 1.7567 and touched the next support, 1.7445.
If 1.7445 is validated as support, then the bulls would have a shot to touch — at least — 1.0567. On the flip side, 1.7285 would be the next pitstop on the path of a new fall.

Short-term perspective
From the 1.7199 low, the bulls sent the price to 1.7640. Not being able to maintain it above 1.7626, the price dropped until the 1.7487 intermediary area.
The appreciation attempt from there only printed a rising wedge, which further aided the decline, puncturing 1.7487.
If 1.7487 is not regained, then 1.7337 is the next bearish objective. On the other hand, 1.7487 becoming support equals to the bulls making a new attempt to secure 1.7626 as support.

Levels to keep an eye on:

D1: 1.7445 1.0567 1.7585
H4: 1.7487 1.7337 1.7626

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