Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Trump Stocks and Crypto Mania 2025 Incoming as Bitcoin Breaks Above $100k - 8th Dec 24
Gold Price Multiple Confirmations - Are You Ready? - 8th Dec 24
Gold Price Monster Upleg Lives - 8th Dec 24
Stock & Crypto Markets Going into December 2024 - 2nd Dec 24
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

GBP/CAD Could Gain Traction

Currencies / British Pound Sep 05, 2018 - 09:17 PM GMT

By: FXOpen

Currencies

GBP/CAD is trading nicely and it may perhaps rise towards the 1.7000 resistance.

Key Points

  • GBP/CAD found support near 1.6600 and started an upside move.
  • There was a break above a key bearish trend line with resistance at 1.6790 on the daily chart.

GBP/CAD Technical Analysis

The British Pound declined heavily in July and August 2018 against the Canadian Dollar. The GBP/CAD pair settled below the 1.7200 and 1.7100 support levels plus the 50-day simple moving average to move into a bearish zone.

The pair traded towards the 1.6600 support zone where buyers took a stand. A support base was formed above the 1.6600 level and later the pair started a decent recovery. It traded above the 1.6700 resistance level and also broke a key bearish trend line with resistance at 1.6790 on the daily chart.



The pair even broke the 23.6% Fib retracement level of the last decline from the 1.7771 high to 1.6596 low. Finally, there was a solid push towards the 1.6950-1.7000 zone where sellers appeared.

Later, the pair corrected lower and it is currently consolidating above the 1.6800 level. If the highlighted trend line break is true, the pair may perhaps recover higher once again.

However, GBP/CAD is facing a significant resistance near the 1.7000 and 1.7040 levels. It represents the 38.2% Fib retracement level of the last decline from the 1.7771 high to 1.6596 low, and the 50-day SMA is also positioned near 1.7045.

Therefore, the pair could rise above 1.6950, but it is likely to face many hurdles above 1.7000. On the downside, supports are visible near the 1.6800 and 1.6740 levels.

The market outlook is provided by FXOpen broker.

FXOpen - true ECN/STP Forex and cryptocurrency broker.

© 2018 Copyright FXOpen - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in