The GBPCAD suffers big losses – Analysis – 20-5-2019

The GBPCAD pair faced strong negative pressures recently that forced it to form many negative waves and suffer big losses by reaching 1.7100 level, while the current negativity is caused by forming double top pattern by declining below 1.7300 level, allowing us to suggest more negative attempts that target 1.7035 followed by reaching 23.6% Fibonacci correction level at 1.6965.

Also, stochastic consolidation within the oversold areas supports our bearish overview by providing new negative momentum to increase the chances of resuming the negative attack in the near term period.

The expected trading range for today is between 1.7190 and 1.7035

The expected trend for today: Bearish