FXStreet (Córdoba) – Closing the day unchanged around 2.0600, the GBP/CAD cross presents a doji candle in the daily chart, with long shadows extending both ways of a non-existent body. Crude oil prices edged lower for one more day, weighing on the Canadian dollar, yet the Pound fell to a fresh 5 ½-year low against the greenback on increasing concerns over a possible Brexit.
GBP/CAD technical view
“Having held between its early week range, the cross maintains a negative tone in the longer term, as in the daily chart, the price is unable to advance beyond a mild bearish 20 SMA, while the technical indicators head nowhere within bearish territory”, said Valeria Bednarik, chief analyst at FXStreet. “As for the shorter term, the 1 hour chart shows that the price is below a flat 20 SMA, while the technical indicators have lost upward potential below their mid-lines, now consolidating with no clear directional strength. In the 4 hours chart, the price is above a mild positive 20 SMA, although the technical indicators have turned south above their mid-lines, also lacking some clear momentum.”
Support levels: 2.0540 2.0480 2.0440. Resistance levels: 2.0660 2.0710 2.0750.
(Market News Provided by FXstreet)