FxWirePro: GBP/CAD faces strong trend line resistance at 1.7000, good to sell on rallies
Major resistance – 1.7000 (trend line joining 1.7523 and 1.7123). Major support - 1.6650 (trend line joining 1.6568 and 1.66142). GBP/CAD made a temporary top around 1.6985 on Dec 6th 2016 and declined from that level. I…
Major resistance – 1.7000 (trend line joining 1.7523 and 1.7123).
Major support - 1.6650 (trend line joining 1.6568 and 1.66142).
GBP/CAD made a temporary top around 1.6985 on Dec 6th 2016 and declined from that level. It is currently trading around 1.67094.
On the lower side , major support stands at 1.6650 and any violation below that level will drag the pair down till 1.66140 (Nov 30th low)/1.6568 (Nov 21st low)/1.65000.
The break above temporary top of 1.7000 only confirms minor trend reversal. Any break above will take the pair to next level till 1.7120 level. The minor resistance is around 1.6755 (55- day EMA)/1.6793 (21- day MA).
It is good to sell on rallies around 1.6800 with SL around 1.700 for the TP of 1.6505
