GBP/CAD Price Analysis: 200-HMA guards bounces off intraday low


  • GBP/CAD attempts recovery moves from 1.7293, snaps two-day winning streak.
  • Break of weekly support line, sustained trading below 200-HMA favor sellers.
  • 61.8% of Fibonacci retracement will validate the pair’s upside towards the mid-August high.

GBP/CAD pullback from the day’s low to 1.7308 while heading into the London open on Wednesday. Even so, the cross prints 0.07% loss on a day as a break of an ascending trend line from Monday and failures to cross 200-HMA keep the bears hopeful.

As a result, the pair’s fresh move down to refresh 1.7293 low to revisit the previous day’s bottom around 1.7250 can’t be ruled out.

Though, the pair’s further downside is likely to be challenged by 1.7215 comprising the weekly low and 61.8% Fibonacci retracement of its late-July month’s upside.

Alternatively, the 1.7335/40 area including 200-HMA, 50.0% Fibonacci retracement of August 18-24 fall and the support-turned-into-resistance line restricts the pairs’ short-term recovery moves.

Also acting as an upside barrier is the 61.8% of Fibonacci retracement near 1.7370, a break of which can recall the mid-August tops surrounding 1.7465.

GBP/CAD hourly chart

Trend: Bearish

Additional important levels

Overview
Today last price 1.7311
Today Daily Change -12 pips
Today Daily Change % -0.07%
Today daily open 1.7323
 
Trends
Daily SMA20 1.739
Daily SMA50 1.7164
Daily SMA100 1.7202
Daily SMA200 1.7202
 
Levels
Previous Daily High 1.7363
Previous Daily Low 1.7254
Previous Weekly High 1.7463
Previous Weekly Low 1.7241
Previous Monthly High 1.7676
Previous Monthly Low 1.6776
Daily Fibonacci 38.2% 1.7321
Daily Fibonacci 61.8% 1.7296
Daily Pivot Point S1 1.7264
Daily Pivot Point S2 1.7204
Daily Pivot Point S3 1.7154
Daily Pivot Point R1 1.7373
Daily Pivot Point R2 1.7423
Daily Pivot Point R3 1.7482

 

 

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