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GBP/CAD consolidates gains above 2.0200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The GBP/CAD cross soared underpinned by GBP/USD rally and fueled by an improved reading of the UK Services PMI. The Canadian dollar ended the day pretty much unchanged, as investors remain away from the USD/CAD ahead of the monthly employment readings of both economies, to be released together on Friday.

    GBP/CAD rose more than 300 pips to a high of 2.0235 before settling in a range just below. At time of writing, the pair is trading at 2.0205, up 1.29% on the day.

    GBP/CAD technical levels

    “The pair fell down to 1.9848 before turning north, and the daily chart shows a bullish engulfing pattern that supports further upward moves for the upcoming days”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 4 hours chart presents a bullish tone, as the price has advanced above is 20 SMA and its 200 EMA, although the technical indicators have lost their upward strength and are turning south, still above their mid-lines, rather suggesting some upward exhaustion than indicating a bearish move ahead”.

    Support levels: 2.0155 2.0110 2.0060. Resistance levels: 2.0240 2.0285 2.0330.
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