GBP/CAD challenges 1.9000 ahead of referendum results

Ani Salama FXStreet

The GBP/CAD cross closes the day a tad higher, having advanced to a fresh monthly high of 1.9005 by the end of the session. Brexit woes, saw the pair trading within wide ranges over these last few days, with the cross advancing on pound's demand.

The rally however was in part offset by Canadian dollar’s strength as crude oil prices closed the day modestly higher above $50.00 a barrel.

GBP/CAD technical view

“A slight bullish tone is now present in the short term, as in the 1 hour chart, the technical indicators aim higher above their mid-lines, whilst the price is now above a horizontal 20 SMA,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price bounced on declines down to a still bullish 20 SMA, currently at 1.8840 whilst the Momentum indicator has turned south above its mid-line, and the RSI indicator consolidates around 67, all of which favors the upside, particularly on a break above 1.9000.”

Support levels: 1.8920 1.8880 1.8840. Resistance levels: 1.9000 1.9050 1.9100.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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