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FxWirePro: GBP/CAD retraces from monthly highs at 1.7295, bias higher, good to go long on dips

GBP/CAD chart on Trading View used for analysis

  • GBP/CAD has trimmed gains from fresh monthly highs at 1.7295.
     
  • The pair is trading 0.51% lower on the day at 1.7166 at 1150 GMT.
     
  • Price action has shown a break above 200-DMA and daily cloud.
     
  • Technical indicators also support further upside. RSI above 50 and momentum bullish.
     
  • The pair is trading in a rising channel pattern and we see scope for test of channel top at 1.7550.
     
  • Major support is seen at 1.7089 (nearly converged 200-DMA and cloud top). Break below nagates near-term bullishness.

Support levels - 1.7110 (55-EMA), 1.7089 (nearly converged 200-DMA and cloud top)

Resistance levels - 1.7217 (110-W EMA), 1.7369 (Weekly upper BB), 1.7550 (channel top)

Recommendation: Stay long on dips, SL: 1.7080, TP: 1.7185/ 1.7215/ 1.7360

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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March 19 07:00 UTC Released

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January 22 19:00 UTC 606403606403m

ARTrade Balance

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-1541 %

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January 22 19:00 UTC 606403606403m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 594583594583m

ARAnnual Primary Balance*

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2016 bln ARS

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January 31 00:00 UTC 594583594583m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 594583594583m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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