Bears Took Over GBP/CAD from 1.7567

The Great Britain pound versus the Canadian dollar currency pair seems to have been overwhelmed by the bears. Are the bulls able to make a change sooner rather than later?

Long-term perspective
After the prolonged ascending movement that started at the 1.6810 low, the price dropped to the 1.6768 lower low. Still, the bulls managed to rotate the price and span an appreciation that — after a relatively short consolidation phase topped by the 1.7445 intermediary level — got to challenge the firm 1.7567 area.
Even if the bears guarded 1.7567, as the fall from 1.7640 to 1.7349 highlights, the bulls succeeded in conquering the level. They also managed to depart from it, printing the 1.7884 high.
But as the bulls retraced towards 1.7567 to cement their position, the bears seized the moment and slipped the price under the level. To make sure, they have even sent it almost to the 1.7445 intermediary zone.
The bulls’ attempt to recover only worsen the situation, as the bears validated 1.7567 as resistance, thus fueling a fall that reached the 1.7235 low — just under the 1.7285 intermediary level.
If the bulls do not set in motion a rally or a reversal chart pattern from 1.7285, then the bears could shape a consolidation phase just above the level. This would allow a later piercing of 1.7285, followed by a decline to the first bearish area of importance, 1.7132.
On the other hand, if the bulls do direct a reversal from 1.7285, then 1.7445 is their prime objective.

Short-term perspective
The decline that came into being after the 1.7887 intermediary level was confirmed resistance extended until the firm support area of 1.7244.
If the bulls win 1.7337, then they may hope for 1.7487. But if the price consolidates between 1.7337 and 1.7244, then it may continue the fall, taking the price to 1.7094.

Levels to keep an eye on:

D1: 1.7285 1.7132 1.7445
H4: 1.7337 1.7487 1.7244 1.7094

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Original from: www.earnforex.com