They trade this pair near the support of 1,635 for the first time since 2019.
At the end of March, a bullish divergence of price and DeMarker’s indicator had formed on the daily chart of GBPCAD.
Currently, this reversal signal hasn’t been confirmed.
Possibly it’s because the Canadian economy now is much more investment-attractive than the British one:
However, the support level of 1,635 hasn’t yet been overcome.
Soon we will know how the stand between technical formations and fundamental factors ends.
If the technical formation wins, we may wait for the pair to grow to the levels of 1.657 and 1.67, in the opposite case — a decrease till the point of 1.615.