GBP/CAD Bearish Channel Still in Play

Dear Traders,

The GBP/CAD is bearish. However, the GBP has recovered a bit and bears need to keep the price below 1.7105.

If bears manage to keep the price below the ATR projected high, we might see another leg down. The POC zone is 1.7050-60 and rejections off that zone should bring the price down. We can see that the market is still following the zig-zag pattern and we should see a drop. Targets are 1.7020, 1.6990 and 1.6960. Only a move above 1.7105 will be a potential trend change in the pair.

The Analysis has been done with the CAMMACD.Core and Sit Systems