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GBP/CAD searching for short-term direction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The GBP/CAD cross ended the day slightly lower, having traded in a quite limited range for a second day in-a-row.

    Despite some intraday swings in USD/CAD, most pairs in the FX market have shown little progress by the end of the day, whilst oil prices have barely bounced some cents, failing to set a clearer tone in the cross. At time of writing, GBP/CAD is trading at 2.0052, still 0.11% below its opening price.

    GBP/CAD technical view

    “The short term technical picture has turned neutral, as in the 1 hour chart, the price is holding around a horizontal 20 SMA whilst the technical indicators hover around their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is barely above a flat 20 SMA, the RSI indicator is horizontal around 46, while the Momentum indicator has posted a tepid bounce from its mid-line and maintains its positive tone, which at least should limit the downside during the upcoming sessions”.

    As for technical levels, Bednarik sees next supports at 2.0000, 1.9960 and 1.9910, while she places resistances at 2.0100, 2.0165 and 2.0220.
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