GBPCAD: Critical moment

GBPCAD, Weekly

In the Weekly timeframe, GBPCAD has formed an ascending channel pattern. However, the price has fallen to the lower trendline, and the lower Bollinger line is being tested, indicating oversold conditions. The Chaikin indicator fell below 0, indicating bearish sentiment.

• A break of the trend line below 1.7700 will open the way to 1.7300;

• A rebound from the trendline will take GBPCAD back to 1.8100;