FXStreet (Córdoba) – The GBP/CAD cross rallied on Wednesday as Canadian dollar’s weakness outpaced pound’s underperformance once again weighed by a sharp decline in crude oil prices. Brent fell to an 11-year low, while WTI futures plunged to its lowest since 2008, ending the day below $34.00 a barrel.

GBP/CAD reached an intraday high of 2.0660 to finally end the day around 2.0600, recording a 0.33% gain.

GBP/CAD technical view

“Technically, the 1 hour chart shows that the price is now a few pips above a bullish 20 SMA, retreating from a daily high of 2.0660, while the technical indicators turned south and are pointing to cross their mid-lines towards the downside”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, however, the Momentum indicator heads higher above its 100 level the RSI indicator hovers around 54 and the price is above a mild bullish 20 SMA, all of which supports some additional advances on an extension above the mentioned high”.

Support levels: 2.0540 2.0480 2.0440. Resistance levels: 2.0660 2.0710 2.0750.

The GBP/CAD cross rallied on Wednesday as Canadian dollar’s weakness outpaced pound’s underperformance once again weighed by a sharp decline in crude oil prices. Brent fell to an 11-year low, while WTI futures plunged to its lowest since 2008, ending the day below $34.00 a barrel.

(Market News Provided by FXstreet)

By FXOpen