FxWirePro: GBP/CAD retraces below cloud and 200-DMA, further weakness on charts

GBP/CAD chart on Trading View used for analysis

• GBP/CAD is extending downside for the 3rd successive day, trades 0.36% lower at 1.7039 at 1145 GMT.
   
• The pair has slipped below daily cloud and 200-DMA support raising scope for further weakness.
   
• Stochs and RSI are biased lower and MACD also supports further downside in the pair.
   
• We see weakness till 1.68 (major trendline support). Breach at 1.68 mark could see further downside.
   
• Retrace and close above 200-DMA can negate the bearish bias. 

Support levels - 1.6984 (Feb 5 low), 1.6925 (Lower BB), 1.68 (trendline)

Resistance levels - 1.7098 (200-DMA), 1.7129 (5-DMA), 1.7272 (Feb 7 high)

Recommendation: Stay short on close below 200-DMA, SL: 1.71, TP: 1.6985/ 1.6925/ 1.68

For details on FxWirePros Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.