GBPCAD is Neutral in Very Short-Term; Advances are Expected

Technical analysis of Forex market

GBPCAD has been on the sidelines for the most part of the week as the 1.7130 level seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the RSI is flattening near the 30 mark, while the stochastics are warning of an oversold market, but it seems to be turning higher in the daily chart.

A rebound on the 1.6970 support could keep the pair in a narrow range, challenging again the 1.7130 resistance, where the 20-day simple moving average (SMA) is currently located. Should the price overcome this level, resistance could run up to the 1.7315 barrier, which overlaps with the blue Kijun-sen line.

A decline under 1.6970, could meet a strong barrier at the 1.6900 psychological level. Breaking this level, the 1.6755 and 1.6700 obstacles could take control for more bearish structure.

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In the short-term picture, GBPCAD is pointing down over the past month, framing a negative profile. A strong rally below 1.6970 would extend the downward movement.

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