Despite trading within a bullish channel, the GBPCAD currency pair has faced consistent pressure below the 1.8110 barrier, signaling a shift towards a correctional bearish bias. This trend has led to some losses, with the price dropping to 1.7875 before a brief rebound to 1.7970.
A new resistance is expected to form around 1.8010, which could limit further upward movement and increase the likelihood of a continuation of the bearish correction. The next target is the 1.7850 level, followed by a potential test of additional support near 1.7780.
For today, the anticipated trading range is between 1.7850 and 1.8000.
Trend Outlook: Bearish
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