FXStreet (Córdoba) - The GBP/CAD cross recovered ground on Wednesday and moved away a 2-week low of 2.0012 scored the previous day, boosted by pound's increased demand following the upward review of the 2016 GDP forecast. GBP/CAD reached a daily peak of 2.0147 and despite a shallow pullback, the pair managed to resume the upside to currently trade at 2.0115, 0.27% above its opening price. The cross however, traded within the lower half of Tuesday's range, and the intraday recovery seems not enough to deny additional declines. GBP/CAD technical view “Short term, the 1 hour chart shows that the price is above a bullish 20 SMA, while the technical indicators are losing their upward strength well above their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, however, the technical indicators have barely corrected from extreme oversold levels and remain well below their mid-lines, while the 20 SMA heads strongly lower well above the current level, offering a dynamic resistance around 2.0180 the level to overcome to confirm a stronger advance before the weekend”. Bednarik sees next supports at 2.0080, 2.0010 and 1.9955, while she places resistances at 2.0140, 2.0180 and 2.0230. For more information, read our latest forex news.