GBP/CAD Price Analysis: Attacks 1.7300 on the break of monthly support line

  • GBP/CAD refreshes intraday low following its failure to extend previous day’s bounce off 1.7296 beyond 1.7332.
  • Bearish MACD, sustained break of short-term support line favor sellers.
  • Bulls may wait for fresh weekly high before taking entries.

GBP/CAD bounces off the recently flashed intraday low of 1.7291 to 1.7308 during the pre-European session trading on Thursday. Even so, the cross prints losses on a daily basis while extending the downside break of an ascending trend line from July 23.

The downside moves may also take clues from the bearish MACD to aim for another rising trend line, from July 01, near 1.7220.

However, the pair’s declines past-1.7220 will be challenged by a confluence of 100-day and 200-day SMAs close to 1.7200, a break of which could recall 1.7000 psychological magnet back to the chart.

On the upside, a daily closing past-1.7320 level comprising the support-turned-resistance becomes necessary for the quote to target the weekly high near 1.7465.

In a case where the bulls manage to cross 1.7465, the monthly high around 1.7590 and July month’s peak close to 1.7675 will become their favorites.

GBP/CAD daily chart

Trend: Further downside expected

Additional important elvels

Today last price 1.7304
Today Daily Change -0.0012
Today Daily Change % -0.07%
Today daily open 1.7316
Daily SMA20 1.7365
Daily SMA50 1.7146
Daily SMA100 1.7204
Daily SMA200 1.7198
Previous Daily High 1.7463
Previous Daily Low 1.7294
Previous Weekly High 1.7506
Previous Weekly Low 1.7233
Previous Monthly High 1.7676
Previous Monthly Low 1.6776
Daily Fibonacci 38.2% 1.7359
Daily Fibonacci 61.8% 1.7399
Daily Pivot Point S1 1.7253
Daily Pivot Point S2 1.7189
Daily Pivot Point S3 1.7084
Daily Pivot Point R1 1.7421
Daily Pivot Point R2 1.7526
Daily Pivot Point R3 1.759



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD: Bulls knock the door ahead of Fed

EUR/USD struggles to extend two-day uptrend, sidelined of late. The major currency pair rose for the second consecutive day on Tuesday while confirming the falling wedge bullish formation on the daily chart.


GBP/USD rebounds toward 1.3900 as USD weakens

GBP/USD extends the previous two day’s gains in Wednesday’s Asian session. The pair trades in a very narrow trade band and awaits for confirmation. US dollar trades below 93.00 ahead of the FOMC meeting. The sterling gains on the sharp decline in coronavirus infections.


EUR/USD: Bulls knock the door ahead of Fed

EUR/USD struggles to extend two-day uptrend, sidelined of late. The major currency pair rose for the second consecutive day on Tuesday while confirming the falling wedge bullish formation on the daily chart.


Three reasons why Cardano could rally 60%

Cardano price triggers a large symmetrical triangle pattern with yesterday’s close above the upper trend line. ADA/BTC is nearing a critical support level with the intra-day Relative Strength Indexes (RSI) flashing a bullish momentum divergence.

Read more

Fed Interest Rate Decision Preview: The horns of a inflation dilemma

No change in rate policy or bond purchases expected. US economy appears to be slowing under labor, supply chain shortages. Treasury curve has flattened, inflation has jumped since the June 16 FOMC. Dollar has gained against most majors since mid-June.

Read more