FxWirePro: GBP/CAD fails at major trendline resistance at 1.7625, slips below 5-DMA

• GBP/CAD opened with a bearish gap, but has since managed to recover higher.
   
• The pair failed to hold break at major trendline resistance at 1.7625, we see further upside only on break above.
   
• Price action has slipped below 5-DMA which is now immediate resistance at 1.7464.
   
• Break above 100W SMA keeps scope for upside. Technical studies on weekly charts are still bullish.
   
• Break above major trendline resistance at 1.7625 raises scope for test of 200W SMA at 1.8054.
   
• On the flipside, retrace and close below 100W SMA invalidates bullish bias.

Support levels - 1.7375 (1H 200-SMA), 1.7222 (5W SMA), 1.7157 (20-DMA), 1.7110 (50-DMA)

Resistance levels - 1.7464 (5-DMA), 1.7465 (Nov 2017 highs), 1.7525 (Sept 2016 high), 1.7736 (38.2% Fib retrace of 2.09720 to 1.57361 fall)

Call update: Our previous call (http://www.econotimes.com/FxWirePro-GBP-CAD-shows-decisive-break-above-100W-SMA-good-to-go-long-on-dips-1107532) hit TP1/2/3.

Recommendation: Watch out for break below 1H 200-SMA at 1.7375 for more weakness.

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