GBP/CAD chart - Trading View
- GBP/CAD recovery attempts capped at 5-DMA, intraday bias bearish.
- The pair is trading at 1.7344 at 1200 GMT, down 0.24% at the time of writing.
- Technical indicators support downside in the pair. Scope for weakness till 100-DMA at 1.7227.
- RSI is below 50, bias lower. Momentum with the bears. MACD also supports downside.
- Price is testing cloud support at 1.7342. Also finds strong trendline support at 1.7320.
- Scope for test of 100-DMA at 1.7227. Further weakness only on break below.
Support levels - 1.7342 (cloud top), 1.7320 (trendline), 1.7227 (100-DMA)
Resistance levels - 1.7398 (50-DMA), 1.7440 (5-DMA), 1.7511 (23.6% Fib)
Recommendation: Good to go short on upticks, SL: 1.74, TP: 1.7320/ 1.7230
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
