FxWirePro: GBP/CAD consolidates trendline break, eyes 200-DMA at 1.7377

GBP/CAD chart on Trading View used for analysis

• GBP/CAD is consolidating breakout above 'Sloping Triangle' pattern.
   
• Price action is now above major EMAs and 5-DMA is sharply higher.
   
• The pair is currently capped at 38.2% Fib, break above will resume upside.
   
• Momentum studies are bullish, Stochs are showing a bullish crossover.
   
• Scope for test of 200-DMA at 1.7377. Further upside only on decisive break above.

Support levels - 1.72, 1.7136 (5-DMA), 1.70 (55-EMA)

Resistance levels - 1.7290 (38.2% Fib), 1.7377 (200-DMA)

Recommendation: Stay long on dips, SL: 1.7130, TP: 1.7290/ 1.7377

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.