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GBP/CAD hovers near 4-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The GBP/CAD cross edged slightly lower on Monday, having traded in a wide intraday range between 2.0725 and 2.0865, but unable to set short-term direction but still hovering near 4-month highs struck earlier this month.

    The Canadian dollar wavered alongside with crude prices, which plunged to fresh multi-year lows amid continued concerns over a global supply glut. Brent oil fell to its lowest in 11 years, while WTI futures hovered around the 36.00 level for most of the day.

    GBP/CAD technical perspective

    “The 1 hour chart for the cross presents a neutral stance, with the price developing around a horizontal 20 SMA and the technical indicators heading nowhere around their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators have turned south above their mid-lines, not yet confirming a bearish breakout, while the price is currently above its 20 SMA that anyway lacks directional strength”.

    Support levels: 2.0730 2.0690 2.0640. Resistance levels: 2.0800 2.0855 2.0910.
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