Ransquawk

Since the beginning of the week, the GBPCAD currency pair has attempted to rebound from support at 1.7827. Initially, it seemed successful, however, on Friday the supply returned to the market and pushed the pair south until the end of the week, which closing was on trend line extending from the bottom of September last year. This trend line coincides with the horizontal support at 1.7630, which is currently being tested. If the bears could successfully break the support confluence set by these two levels, they would open the way for further depreciation.The nearest key support in the probable bearish scenario is visible close to 1.7300 / 60. It is also worth bearing in mind the significant (over 250 pips) distance from the 20-day EMA, so even after the break, there is a chance for a re-test, which may be an opportunity to look for sell opportunities.

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