GBP/CAD Price Analysis: Bears waiting for break of key support

GBP/CAD bears looking for confirmation of the downside prospects.
Bullish conditions still persist until certain conditions evolve.

Ross J Burland FXStreet

GBP/CAD has run into a key resistance on the weekly chart and is primed for a rin to the downside to fill in a monthly wick.

Bears will be looking for 4-hour confirmations and the following illustrates how to get there, starting with the monthly chart:

Monthly chart

The weekly chart to fill in the monthly wick

The price is being resisted at a key level and is ripe for a short.

Daily chart has more price development to go

4-hour chart

Bears will want to see bearish conditions on the charts and for that, we need to see the RSI lower and the price break below the 21 moving average.

The most important aspect is price will need to get below the support structure and on a retest of the area, find that there are bearish commitments.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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