GBP/CAD Price Analysis: 100-HMA restricts immediate downside

GBP/CAD bears attack 1.6900 inside a choppy range between 1.6875 and 1.6935.
Failure to sustain the uptick beyond the range’s resistance confronts bullish MACD.
Sellers will have 61.8% Fibonacci retracement as an additional challenge.

Anil Panchal FXStreet

GBP/CAD drops to 1.6901 amid the early Asian session on Monday. The pair began the week’s trading with an uptick to 1.6936 but couldn’t successfully clear the short-term range between 1.6875 and 1.6935. Even so, 100-HMA challenges the bears amid bullish MACD signals.

Other than the immediate support, comprising 100-HMA near 1.6880, 61.8% Fibonacci retracement of June 30 to July 02 upside, at 1.6867, could also question the sellers. Additionally, June 30 top surrounding 1.6860 might offer an extra cover to the downside.

In a case where the quote drops below 1.6860, the pair’s drop to 1.6800 and then to June 30 low near 1.6770 can’t be ruled out.

Meanwhile, a sustained upside clearance of 1.6935 enables the bulls to aim for 1.7000 threshold whereas the monthly top around 1.7030 could lure them afterward.

GBP/CAD hourly chart

Trend: Sideways

Additional important levels

Overview
Today last price	1.6903
Today Daily Change	-2 pips
Today Daily Change %	-0.01%
Today daily open	1.6905

Trends
Daily SMA20	1.6964
Daily SMA50	1.7092
Daily SMA100	1.7194
Daily SMA200	1.7117

Levels
Previous Daily High	1.6936
Previous Daily Low	1.6876
Previous Weekly High	1.7027
Previous Weekly Low	1.6769
Previous Monthly High	1.7178
Previous Monthly Low	1.6751
Daily Fibonacci 38.2%	1.6899
Daily Fibonacci 61.8%	1.6913
Daily Pivot Point S1	1.6875
Daily Pivot Point S2	1.6846
Daily Pivot Point S3	1.6815
Daily Pivot Point R1	1.6935
Daily Pivot Point R2	1.6966
Daily Pivot Point R3	1.6996

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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