- 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|
|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|
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