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GBP/CAD snaps 3-day winning streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The GBP/CAD cross ends the day nearly flat around 2.0260, having found selling interest on an approach to the 2.0325 region, a strong static resistance level that has capped advances several times since early October.

    Crude oil prices seesawed between gains and losses, with WTI crude oil futures declining down to $40.10 a barrel before recovering some $2.00 before the daily close, leading to some swings in Canadian dollar, which led the way in the cross.

    GBP/CAD technical perspective

    “The 1 hour chart for the cross shows that an early upward momentum faded in the US afternoon, leaving a neutral stance ahead of the Asian opening, as the technical indicator stand flat around their mid-lines, whilst the price hovers around a horizontal 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price remains above a bullish 20 SMA, currently around 2.0220, while the technical indicators have retreated from near overbought levels, but lost their bearish strength above their mid-lines”.

    The analyst locates next support levels at 2.0220, 2.0175 and 2.0120, while she sees resistances at 2.0285, 2.0325 and 2.0370.
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