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GBP/CAD formed a “shooting star”

GBP/CAD formed a “shooting star”

Information is not investment advice

As we expected, GBP/CAD met resistance ahead of 1.7285 (100-month MA). On the W1, the pair formed a “shooting star” candlestick with a long upper shadow which closed below both the 200- and 100-week MAs. After such a twist, it’s reasonable to expect that the upside won’t be easy for the pair. The outlook will improve when the price manages to rise above the 200-week MA (1.7140). If the price continues the way down and slides below 1.7020, it will likely head toward 1.6920 (50-week MA). 

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The price action in EUR/USD has been quite unfavorable for the euro. On The W1, the 50-week MA limited the pair’s advance.

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