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GBP/CAD snaps 5-day winning streak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The GBP/CAD cross turned lower this Monday, led by a weaker Pound and a late recovery in oil prices, after the commodity fell down to fresh 7-year lows in the London session.

    WTI fell down to $34.52 a barrel, but bounced and climbed to a daily high of $36.70/bbl during the New York session.

    Having bottomed out at 2.0702, GBP/CAD is currently trading at 2.0788, recording a 0.69% loss on the day.

    GBP/CAD levels to watch

    “Correcting the extreme overbought readings reached last week, the 1 hour chart shows that the price has slowly grinded lower below a mild bearish 20 SMA, while the technical indicators are still below their mid-lines, albeit directionless at the time being”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators head lower after leaving extreme overbought territory, in line with a continued decline, albeit the 20 SMA maintains a strong bullish slope, now providing a strong support at 2.0725”.

    Support levels: 2.0770 2.0725 2.0660. Resistance levels: 2.0840 2.0890 2.0945.
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