As we all know both Brexit and Covid-19 weighing badly on GBP pairs. Today UK has published the flash manufacturing PMI and we have seen the record declines in the UK manufacturing and service sector. All the GBP pars are weakening against pairs like JPY, AUD, USD, and CAD. Our analyst is suggesting GBPCAD has clearly breakout on H4 and accepting more selling pressure for the upcoming session. Right now GBPCAD is trading at 1.73700 against the Canadian dollar. Strong resistance is seen at 1.75100. As long as this resistance will intact we might see some more selling pressure for the GBPCAD pair and can move below 1.72000 in the upcoming session.
Tomorrow UK will show the retail sales and our analysts are suggesting a decline in retails sales for the virus impact. On the other hand, if GBPCAD can break the resistance 1,75000 we might see bull will take the control and can move the price higher to 1.78000. Support is seen at 1.73300 and 1.72000.
This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.