FxWirePro: GBP/CAD Trade Idea

FxWirePro Currency Strength Index for GBP/CAD: Bias Bearish

FxWirePro's Hourly GBP Spot Index was at 67.3703 (Neutral)

FxWirePro's Hourly CAD Spot Index was at 67.3703 (Neutral)

Technical Analysis: Bias Bearish

 - Pair has broken below 100-DMA

- Holds support at 38.2% Fib at 1.7430, break below to see further weakness

- Momentum studies bearish, Stochs deep in oversold zone

- We see -ve DMI dominance and ADX is rising in support

- RSI shows weakness, well below 30 levels

- Bearish divergence on RSI and Stochs adds to bearish bias

Support levels - 1.7430 (38.2% Fib), 1.73 (Jan 29 low), 1.7126 (50% Fib), 1.7096 (200-DMA)

Resistance levels - 1.7549 (5-DMA), 1.76 (100-DMA), 1.7663 (Feb 8 high)

Recommendation: Good to stay short on break below 38.2% Fib, SL: 1.7550, TP: 1.73/ 1.72/ 1.7130

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