GBPCAD – lowest since 7 months

Since mid-January GBPCAD moves in a downtrend. Price moved above support 1.9890 until yesterday. Support was broke below and price continues its declines. Next support at 0.9730 also wasn’t able to stop further depreciation, due to this current goal for bears is 1.9480 level. Today’s macroeconomic data from UK labour market were weak and did not help with rebound. The unemployment rate stayed at 5,1% in December versus forecasted 5%.

If price tests 1.9480 level, rebound will occur. After rebound resistances are at levels: 1.9730, 1.9890, 2.0350.

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Time-frame H4