FxWirePro: GBP/CAD recovery capped at 5-DMA, good to go short on upticks

GBP/CAD chart - Trading View 

• GBP/CAD recovery attempts capped at 5-DMA, intraday bias bearish.
   
• The pair is trading at 1.7344 at 1200 GMT, down 0.24% at the time of writing.
   
• Technical indicators support downside in the pair. Scope for weakness till 100-DMA at 1.7227.
   
• RSI is below 50, bias lower. Momentum with the bears. MACD also supports downside.
   
• Price is testing cloud support at 1.7342. Also finds strong trendline support at 1.7320. 
   
• Scope for test of 100-DMA at 1.7227. Further weakness only on break below.

Support levels - 1.7342 (cloud top), 1.7320 (trendline), 1.7227 (100-DMA)

Resistance levels - 1.7398 (50-DMA), 1.7440 (5-DMA), 1.7511 (23.6% Fib)

Recommendation: Good to go short on upticks, SL: 1.74, TP: 1.7320/ 1.7230

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