GBP/CAD recovers ground, hovers around 2.0600

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - The GBP/CAD cross recovered some ground over the last sessions, advancing up to 2.0670 as the Canadian dollar weakened alongside with crude, while the pound held within a tight range against the greenback.

    The cross retreated from highs before the close, but remains around 2.0600, recording a 0.47% gain on Wednesday.

    GBP/CAD technical perspective

    “The 4 hours chart shows that the bounce from the 200 EMA has extended up to the 20 SMA now capping the upside at 2.0620. In the same chart, however, the technical indicators have lost their upward strength below their mid-lines and are turning slightly lower, limiting chances of a stronger advance”, said Valeria Bednarik, chief analyst at FXStreet. “The main resistance for the upcoming sessions is the Fibonacci one at 2.0690, as only some steady gains beyond it will favor a continued advance for the upcoming sessions.”

    Support levels: 2.0570 2.0525 2.0450. Resistance levels: 2.0620 2.0690 2.0740.
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