Closing of the last H4 candle on GBPCAD was significantly below the support zone of 1.6555. This behavior of the price action only confirms the bearish bias on this pair. Currently you can look for short positions in case of correction to the broken support zone, which is now a resistance. In addition, the dynamic resistance – the 20-period moving average can be significant. The nearest target for declines seems to be the level at 1.6340, which was the resistance at the end of August and in mid-September. Bearish attitude will be questioned only when pair will close above the resistance zone at 1.6555.
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