GBP/CAD Price Analysis: Extends losses from three-week-old resistance line


  • GBP/CAD eases from one-week high amid bearish MACD.
  • 50-day EMA, ascending trend line from July 23 offer key support.
  • Multiple upside barriers to question bulls below the monthly top.

GBP/CAD remains pressured while declining to 1.7320 amid Friday’s Asian session. The pair recently took a U-turn from the one-week top as a downward sloping trend line from August 07 restricts the short-term upside amid bearish MACD.

Hence, sellers are targeting the 1.7300 threshold as immediate rest ahead of confronting the joint of 50-day EMA and a one-month-old support line near 1.7250.

To validate the pair’s further weakness past-1.7250, 50% Fibonacci retracement level of June-July upside, around 1.7220, will precede the early-July top surrounding 1.7210.

Meanwhile, the pair’s rise beyond the immediate resistance line, at 1.7400 now, will not be able to convince long-term bulls as mid-month tops near 1.7460/65 and August 07 peak surrounding 1.7530 can challenge the further upside momentum.

However, a clear break above 1.7530 will be a green signal to the pair’s rally towards the July-end top close to 1.7675.

GBP/CAD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price 1.7331
Today Daily Change 1 pip
Today Daily Change % 0.01%
Today daily open 1.733
 
Trends
Daily SMA20 1.7379
Daily SMA50 1.7179
Daily SMA100 1.7202
Daily SMA200 1.7204
 
Levels
Previous Daily High 1.7413
Previous Daily Low 1.7305
Previous Weekly High 1.7463
Previous Weekly Low 1.7241
Previous Monthly High 1.7676
Previous Monthly Low 1.6776
Daily Fibonacci 38.2% 1.7346
Daily Fibonacci 61.8% 1.7372
Daily Pivot Point S1 1.7286
Daily Pivot Point S2 1.7242
Daily Pivot Point S3 1.7179
Daily Pivot Point R1 1.7394
Daily Pivot Point R2 1.7457
Daily Pivot Point R3 1.7501

 

 

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