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GBP/CAD hovers near 3-week highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The GBP/CAD cross soared, as the pound ended the day pretty much unchanged against the greenback, but the Canadian dollar plunged to fresh multi-year lows as crude remained under pressure.

    GBP/CAD technical view

    “The cross posted a fresh yearly high at 2.0768 and trades a few pips below it ahead of the Asian opening, with the upward potential losing steam in the short term, as in the 1 hour chart, the technical indicators are turning south near overbought territory, although the price has advanced far above its moving averages. In the 4 hours chart, the technical indicators are turning south well above their mid-lines, rather suggesting some consolidation/bearish correction than suggesting a top has been reached”, said Valeria Bednarik, chief analyst at FXStreet. “The immediate support comes at 2.0590, the 23.6% retracement of the latest daily bullish run, and further gains are favored as long as the level holds, with a break above 2.0770 required to confirm further advances up to 2.0865”.

    Support levels: 2.0690 2.0630 2.0580. Resistance levels: 2.0770 2.0820 2.0865.
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