GBP/CAD has formed a temporary top around 1.71653 and shown a huge decline from that level. The pair dipped till 1.65894 and is currently trading around 1.68480. The near term resistance is around 1.68520 (trend line joi…
GBP/CAD has formed a temporary top around 1.71653 and shown a huge decline from that level. The pair dipped till 1.65894 and is currently trading around 1.68480.
The near term resistance is around 1.68520 (trend line joining 1.6835 and 1.68510) and any break above confirms minor bullishness a jump till 1.6900/1.6940 (61.8% retracement of 1.71653 and 1.65894)/1.6985 (161.8% retracement of 1.6835 and 1.65894).
In the 4 hour chart, the pair is trading above short –term (50 and 20 day) and long –term MA (100 and 233 MA).
On the lower side, near term support is around 1.6750 (55- 4H EMA) and any violation below will drag the pair to next level till 1.6672 (233- 4H MA)/1.65894. Minor weakness below 1.6585 (Nov 13th 2017 low).
It is good to buy above 1.68520 with SL around 1.6800 for the TP of 1.6940/1.6985.
