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GBP/CAD hovers near 4-month low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The GBP/CAD cross edged lower for a fourth day in-a-row, having fallen to its lowest since October 2015 at 1.9790 before recovering to currently trade around 1.9830, down 0.66% on the day.

    GBP/CAD technical perspective

    “Now holding below 1.9860, a major static resistance, the daily chart shows that the decline accelerated below a sharply bearish 20 SMA, whilst the technical indicators have turned south below their mid-lines, suggesting the decline may continue this Wednesday”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the RSI indicator turned lower around 30, the Momentum indicator hovers within bearish territory, and the 20 SMA has turned south well above the current level, in line with the longer term perspective”.

    Support levels: 1.9790 1.9740 1.9700. Resistance levels: 1.9860 1.9910 1.9970.
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