FxWirePro: Sterling spikes across the board as European Commission opens doors for a Brexit extension, GBP/CAD bounces off 100-DMA

GBP/CAD chart on Trading View used for analysis

• Sterling  jumps across the board as the European Commission opens doors for a Brexit extension.  
   
• GBP/CAD spiked over 100 pips from session lows at 1.7035 to 1.7141 before paring some gains to currently trade at 1.7102.
   
• The pair has slipped below daily cloud and 200-DMA support raising scope for further weakness.
   
• Stochs and RSI are biased lower and MACD also supports further downside in the pair.
   
• We see weakness till 1.68 (major trendline support). Breach at 1.68 mark could see further downside.
   
• Retrace and close above 200-DMA can negate the bearish bias. 

Support levels - 1.7035 (100-DMA), 1.6984 (Feb 5 low), 1.68 (trendline)

Resistance levels - 1.7096 (200-DMA), 1.7138 (cloud top), 1.7272 (Feb 7 high)

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