- GBP/CAD recovers from September 01 low while staying inside a weekly falling channel.
- Sustained trading below 200-bar SMA, bearish chart pattern battle bullish candlestick formation.
- One-month-old support line offers intermediate rest ahead of the channel’s lower line.
GBP/CAD seesaws around 1.7085 after bouncing off the lowest since the month’s start during the early Friday. In doing so, the pair respects a bullish candlestick formation suggesting corrective pullbacks inside a short-term bearish channel.
As a result, buyers may attack 1.7100 ahead of challenging the 1.7125 resistance line. Though, any further upside will be probed by the upper line of the mentioned channel, at 1.7158 now.
If at all the GBP/CAD bulls manage to cross the 1.7158 hurdle, they still need a clear break of 200-bar SMA, currently around 1.7175, to retake controls.
On the downside, an ascending trend line from September 11, near 1.7030 and the support line of the channel, around 1.7015, can offer immediate supports during the pair’s further weakness.
It should, however, be noted that the pair’s declines past-1.7015 need to conquer the 1.7000 round-figure before eyeing the September 23 low near 1.6900.
GBP/CAD four-hour (4H) chart
Trend: Pullback expected
Additional important levels
|Today last price||1.7082|
|Today Daily Change||9 pips|
|Today Daily Change %||0.05%|
|Today daily open||1.7073|
|Previous Daily High||1.718|
|Previous Daily Low||1.7064|
|Previous Weekly High||1.7295|
|Previous Weekly Low||1.7047|
|Previous Monthly High||1.7555|
|Previous Monthly Low||1.6811|
|Daily Fibonacci 38.2%||1.7108|
|Daily Fibonacci 61.8%||1.7136|
|Daily Pivot Point S1||1.7031|
|Daily Pivot Point S2||1.699|
|Daily Pivot Point S3||1.6915|
|Daily Pivot Point R1||1.7147|
|Daily Pivot Point R2||1.7222|
|Daily Pivot Point R3||1.7263|
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.