The currency pair forms double top pattern after reversing from the key resistance area of 1.6600. Now, the GBPCAD is likely to go continue its recent bearish move towards 1.6323. Plus the downside move has been supported by the negative divergence in RSI indicator as the price chart forms higher highs in correspondence to which the RSI forms higher lows. The traders are well advised to go short as soon as possible with the target at 1.6323.
Stop Loss: 1.6700