GBPCAD was moving in bullish channel since 2013. After setting high at 2.0970 bulls tried to fight it twice, but they failed.

0229-GBPCAD-W

Dynamic decreases started in second half of January what we can see at W1 chart. Last week trend and channel lines were broken. Bears were in power practically all Friday’s session the range of candle is almost 1000 pips, the biggest since 2008.

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If decreases would be continued, the support is in 1.8480-1.8650 area where there are many highs from 2014. Rebound can reach 1.9514 resistance, however looking at strength of depreciation it shouldn’t go that high. A lot depends on oil price (CAD is gaining in pair with it) and uncertainty about Brexit.

0229-GBPCAD-D

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