GBP/CAD Price Analysis: Fades upside momentum near 11-week top
- GBP/CAD eases from 1.7368, highest since May 07 amid overbought RSI.
- A sustained break of the key SMA confluence and 50% Fibonacci retracement keeps the bulls hopeful.
- 1.7120/15 acts as an additional downside barrier, 61.8% Fibonacci retracement offers immediate resistance.
GBP/CAD takes rounds to 1.7335 amid the early Thursday morning in Asia. The quote recently surged to a multi-day high following its successful break of 50% Fibonacci retracement of March month’s fall. However, overbought RSI conditions offer breathing space to the bulls, which in turn can lure sellers seeking entries.
In doing so, the resistance-turned-support of 1.7300, comprising 50% Fibonacci retracement, will be important as a break of which can trigger fresh selling towards the confluence of 100-day and 200-day SMAs near 1.7165/60.
Though, the pair’s further downside will be restricted by a descending trend line from the early-March and 38.2% Fibonacci retracement level near 1.7120/15, a break of which will attack the 1.7000 threshold.
Meanwhile, 61.8% Fibonacci retracement level of 1.7490 and 1.7500 round-figures are on the buyers’ watch-list during the additional north-run.
Given the quote’s successful rise past-1.7500, the April month’s high around 1.7700 will be in the spotlight.
GBP/CAD daily chart
Trend: Pullback expected
ADDITIONAL IMPORTANT LEVELS
| OVERVIEW | |
|---|---|
| Today last price | 1.7339 |
| Today Daily Change | 37 pips |
| Today Daily Change % | 0.21% |
| Today daily open | 1.7302 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.7073 |
| Daily SMA50 | 1.7016 |
| Daily SMA100 | 1.7163 |
| Daily SMA200 | 1.7159 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.7346 |
| Previous Daily Low | 1.7175 |
| Previous Weekly High | 1.7181 |
| Previous Weekly Low | 1.6977 |
| Previous Monthly High | 1.7178 |
| Previous Monthly Low | 1.6751 |
| Daily Fibonacci 38.2% | 1.7281 |
| Daily Fibonacci 61.8% | 1.724 |
| Daily Pivot Point S1 | 1.7202 |
| Daily Pivot Point S2 | 1.7103 |
| Daily Pivot Point S3 | 1.7031 |
| Daily Pivot Point R1 | 1.7374 |
| Daily Pivot Point R2 | 1.7446 |
| Daily Pivot Point R3 | 1.7546 |
Reprinted from FXStreet.com，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.