Bulls Able to Capture 1.7285 on GBP/CAD?

The Great Britain pound versus the Canadian dollar currency pair seems to be a little undecided. Is this the chance for the bears?

Long-term perspective
After the fall from the 1.7674 — following the false piercing of the 1.7567 resistance level — extended until the 1.6810 low, the bulls shifted the situation in their favor, as the ascending trend highlighted by the higher highs and lows points out.
The ascending trend prolonged until the 1.7496 high. Still, with the high remaining isolated as the price retreated under 1.7445, another false piercing occurred. This boosted the bearish morale, which materialized as a newly printed downward leg, this time noting the low of 1.6788.
Nevertheless, from the 1.6788 low, the bulls managed to recover. Helped by the gap which came about the weekend, they validated the intermediary level of 1.6988 as support. In turn, the validation aided the piercing of the next one, 1.7132, with the subsequent touch of 1.7285.
So, as long as 1.7132 remains support, the bulls may try to confirm 1.7285 as support. However, if 1.7285 keeps the role of being a resistance, then 1.7132 could give way, which, in turn, exposes 1.6988.

Short-term perspective
The fall that started from the 1.7496 high, after 1.7487 was acknowledged as resistance, continued until the 1.6768 low. Even if the last upward swing, which printed the high of 1.7294, took out the previous one, at 1.7222, the fact that the double resistance — noted by the 1.7244 level and the trendline that starts from the 1.7496 high — halted the advancement could be a reminder that, as long as the price is contained within the descending movement that the falling trendline limits, progressions toward the south may take place.
So, as long as 1.7244 remains resistance, 1.7094 is the next target. On the opposite, if 1.7244 becomes support, then 1.7337 is the first target, being followed by 1.7487 as the second one.

Levels to keep an eye on:

D1: 1.7132 1.7285 1.6988
H4: 1.7244 1.7094 1.7337 1.7487

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Original from: www.earnforex.com