GBPCAD is still moving in wide horizontal pattern since setting high at 2.0970 in the end of 2015. The range of this pattern is more than 1000 pips. Upper band of mentioned consolidation is in 2.0900 area and despite three tries of bulls it is not broken.

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However currently bears pushed GBPCAD back to lower band of consolidation and if we say this is at 1.9880 where decreases were stopping the most times, we can assume that yesterday’s candle broke this support. If price will stay below this level in nearest sessions, it seems like further decreases can reach another bullish level in 1.6514 area which is consistent with trend line since March 2013.

0217GC

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