FxWirePro: GBP/CAD Near-Term Outlook

GBP/CAD chart on Trading View used for analysis

• GBP/CAD has broken major trendline resistance at 1.74, scope for further upside.
  
• The pair is extending northward trajectory to a seven-month high near 1.7541 on Wednesday's trade.
  
• Lesser chances of a hard Brexit keep the Sterling bulls supported and continue to fuel upside in the pair.
  
• Technical indicators are biased higher. Price action has broken above weekly cloud and major EMAs.
  
• Next major bull target lies at 200-W SMA at 1.7759. Break above to see further upside.
  
• Oscillators on the daily charts are at overbought levels which might see some correction in the pair.
  
• Immediate support is seen at 5-DMA at 1.7375. Break below could see weakness till 110-EMA at 1.7118.

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