FxWirePro: GBP/CAD fails to extend break below 200-DMA, stay long, target 50-DMA at 1.7525

• GBP/CAD fails to extend break below 200-DMA, bias has turned bullish.
   
• The pair is extending range trade along 21-EMA support, but bullish divergence keeps scope for further upside.
   
• Price action is above 200-DMA. Momentum studies are bullish, RSI is above 50 levels and biased higher.
   
• Break of consolidation phase to see upside. Next target for bulls lies at 50-DMA at 0.7524.
   
• Break above 50-DMA is likely to see test of 100-DMA at 1.7663. 
   
• On the flipside, 21-EMA is strong support. Break below could see drag till 200-DMA at 1.7239. 
   
• Violation at 200-DMA negates bullish bias.

Support levels - 1.7382 (5-DMA), 1.7346 (21-EMA), 1.7239 (200-DMA)

Resistance levels - 1.7525 (50-DMA), 1.7574 (38.2% Fib), 1.7663 (100-DMA)

Recommendation: Good to go long on dips, SL: 1.73, TP: 1.75/ 1.7525/ 1.7575

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