16 Nov 2015
GBP/CAD snaps 3-day winning streak
FXStreet (Córdoba) - The GBP/CAD cross ends the day nearly flat around 2.0260, having found selling interest on an approach to the 2.0325 region, a strong static resistance level that has capped advances several times since early October.
Crude oil prices seesawed between gains and losses, with WTI crude oil futures declining down to $40.10 a barrel before recovering some $2.00 before the daily close, leading to some swings in Canadian dollar, which led the way in the cross.
GBP/CAD technical perspective
“The 1 hour chart for the cross shows that an early upward momentum faded in the US afternoon, leaving a neutral stance ahead of the Asian opening, as the technical indicator stand flat around their mid-lines, whilst the price hovers around a horizontal 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price remains above a bullish 20 SMA, currently around 2.0220, while the technical indicators have retreated from near overbought levels, but lost their bearish strength above their mid-lines”.
The analyst locates next support levels at 2.0220, 2.0175 and 2.0120, while she sees resistances at 2.0285, 2.0325 and 2.0370.
Crude oil prices seesawed between gains and losses, with WTI crude oil futures declining down to $40.10 a barrel before recovering some $2.00 before the daily close, leading to some swings in Canadian dollar, which led the way in the cross.
GBP/CAD technical perspective
“The 1 hour chart for the cross shows that an early upward momentum faded in the US afternoon, leaving a neutral stance ahead of the Asian opening, as the technical indicator stand flat around their mid-lines, whilst the price hovers around a horizontal 20 SMA”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price remains above a bullish 20 SMA, currently around 2.0220, while the technical indicators have retreated from near overbought levels, but lost their bearish strength above their mid-lines”.
The analyst locates next support levels at 2.0220, 2.0175 and 2.0120, while she sees resistances at 2.0285, 2.0325 and 2.0370.