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GBP/CAD still looks bearish

The GBP/CAD has been consolidating throughout July after cracking 1.67 at the start of the month.

GBP/CAD 4H Chart 8/8

(click to enlarge)

Bulls fail:
- Throughout July, GBP/CAD attempted to rally. 
- There was a push at the start of August. 
- The GBP/CAD failed to stay above the cluster of 200-, 100-, and 50-period simple moving averages.
- It also failed to clear the resistance pivot just under 1.76. 
- The RSI was holding above 40, but eventually fell below 40 and down below 30. This shows loss of the bullish momentum started in July. It also suggests a revival of the bearish momentum. 

Slingshot:
- GBP/CAD fell back below the cluster of SMAs.
- So far it is still above 1.70, which will be a critical support. 
- For now it looks like bulls lost control of the market, but bears are not completely back at the rein neither. 
- It will be critical to see if price will hold below the cluster of SMAs. 
- A break above 1.7320 would take away the bearish bias.
- Otherwise, if price holds under 1.73 for the most part, the pressure is still towards the 1.70 pivot, with risk of dipping towards 1.67.