The GBPCAD ended the bullish corrective rebound by facing the resistance level at 1.8490, to form a strong obstacle against the attempt of resuming the bullish scenario, forcing it to provide sideways fluctuations near 1.8425.

 

Note that the stability of the moving average 55 above the current trading that might support the chances of renewing the negative attempts, which might target 1.8330 level reaching 1.8220, while the price success in breaching the resistance and holding above it will confirm its readiness to form strong bullish rally, to begin recording big gains that begin at 1.8550 and 1.8640.

 

The expected trading range for today is between 1.8330 and 1.8500

 

Trend forecast: Bearish