- GBP/CAD fails to extend break below 200-DMA, bias has turned bullish.
- The pair is extending range trade along 21-EMA support, but bullish divergence keeps scope for further upside.
- Price action is above 200-DMA. Momentum studies are bullish, RSI is above 50 levels and biased higher.
- Break of consolidation phase to see upside. Next target for bulls lies at 50-DMA at 0.7524.
- Break above 50-DMA is likely to see test of 100-DMA at 1.7663.
- On the flipside, 21-EMA is strong support. Break below could see drag till 200-DMA at 1.7239.
- Violation at 200-DMA negates bullish bias.
Support levels - 1.7382 (5-DMA), 1.7346 (21-EMA), 1.7239 (200-DMA)
Resistance levels - 1.7525 (50-DMA), 1.7574 (38.2% Fib), 1.7663 (100-DMA)
Recommendation: Good to go long on dips, SL: 1.73, TP: 1.75/ 1.7525/ 1.7575
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