Bears eye 1.7350 target on hourly closes below 1 .7410

  • GBP/CAD bears testing the 50% mean reversion level near 1.7410. 
  • Bears eyes the daily support structure near 1.7350.  

As per the prior analysis, GBP/CAD Price Analysis: Bear stepping in to target downside liquidity, the market has indeed moved lower and the following illustrates where traders can take advantage.

Prior analysis, daily chart

”… the daily outlook is bearish below 1.7440 to pick up liquidity from the prior resistance that meets the 10-day EMA.”

Live market analysis

In today’s lows of 1.7395, the price is testing the daily 38.2% Fibonacci of the recent bullish daily impulse.

A break of here will likely encourage more selling towards a downside target of 1.7350.

Daily chart

Hourly chart

The price on the hourly chart is moving down the Fibonacci scale one level at a time. 

The next stop is the 61.8% Fivo on a break of the 50% mean reversion level near 1.7410. 

15-min chart

On a break of the 15-min support structure, bears will be keen to enter on a retest of the area for a discount in order to target the daily structure near the 1.7350s. 

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