The GBPCAD last week set the new maximum at 1.7201 and tested the resistance around this level. However, by the end of the week, all profits were given back, and a bearish bar was created on the weekly chart.
In addition to the resistance test at 1.7200, the wick of pinbar also tested the ch EMA 10/20 averages channel, which provides dynamic resistance. Taking into account the effective test of the mentioned levels and the prevailing downward trend, it may turn out that the market will again take the southern direction.
The closest goal for declines is now support at 1.6600. After its defeat, the rate may continue to move to the round level of 1.6000, which since 2016 has stopped sellers from continuing to expand.
Alternatively, closing the week above the maxima of last week would question the bearish attitude on this pair.