GBP/CAD Price Analysis: Justifies bearish spinning top below 1.70, UK Retail Sales eyed – FXStreet

GBP/CAD stays on the again foot, mildly provided round 1.6990 all by way of early Friday.

The cross-foreign money pair refreshed month-to-month extreme Yesterday earlier than stepping again from the 50-day EMA. In doing so, a bearish spinning prime candlestick Might be noticed on the Daily timeframe, suggesting further weak spot of the quote.

However, a seven-week-previous earli…….

GBP/CAD stays on the again foot, mildly provided round 1.6990 all by way of early Friday.

The cross-foreign money pair refreshed month-to-month extreme Yesterday earlier than stepping again from the 50-day EMA. In doing so, a bearish spinning prime candlestick Might be noticed on the Daily timeframe, suggesting further weak spot of the quote.

However, a seven-week-previous earlier resistance line shut to 1.6970 restricts quick declines of the pair.

Additionally appearing as a draw again filter is October’s low Near 1.6890, a break of Which might direct the quote in the direction of the yearly backside surrounding 1.6720.

Alternatively, a Daily closing previous 50-day EMA, round 1.7040, will want validation from 1.7090 diploma to purpose for the 1.7190-7200 resistance space collectively with 200-day EMA and a quantity of primes marked all by way of late September and October-start.

Ought to the GBP/CAD bulls stay dominant past 1.7200, late August month’s lows shut to 1.7275 Shall be in focus.

GBP/CAD: Daily chart

Enchancment: Pullagain anticipated

 

Source: https://www.fxstreet.com/news/gbp-cad-price-analysis-justifies-bearish-spinning-top-below-170-uk-retail-sales-eyed-202111190404

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