GBPCAD started new downtrend in January 2016. The second wave of declines occurred on June 24th when the British decided to leave the EU. For now, declines stopped at 1.6890 area (which is clearly visible at time-frame W1).

For more than two weeks the price has been moving in upward channel which is sloping opposite to the previous downward movement. Such structure suggests that the price will break below from that channel and current movement is just the pause in downtrend. After the breakout the nearest target for falls will be located at 1.6400.



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