GBPCAD currency pair recently reversed down from the resistance area located between the key resistance level 1.7174 (former strong support from March and April) and the upper daily Bollinger Band. This downward reversal continues the mild daily downtrend that can be seen on the daily GBPCAD charts. Next support stands at 1.7027 – which can be used as the intraday take-profit level.
GBPCAD currency pair is also sold due to the combined, synergetic effect of the diverging intraday GBP and CAD sentiment waves. As can be seen from the intraday FX sentiment waves chart shown below, Canadian dollar sentiment has been rising steadily from today’s open (due to WTI and Brent crude oil rising) – while sterling sentiment has been worsening over the last trading hours .
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