Week 28 GBPCAD: Bullish

Overall structure is still bearish. However, COT data is suggesting CAD weakening (XXX/CAD bull), therefore I am bull-bias. Due to the structure being bearish, I am expecting the price to fall further before any up move and break the support at 1.6515.

There are 2 supporting levels to note:
1) 1.6415
2) 1.6247

To enter long, I am more than happy for price to fall lower.

Comment:

Price has reached my first support level. Let's observed what will happen from here. Canadian Bank raised overnight rate, expect CAD to strengthen. Therefore I am not that bullish anymore.

I am though expecting the price to be ranging in this trench before moving a direction, be it up or down.