GBP/CAD Price Analysis: Fades upside momentum near 11-week top

GBP/CAD eases from 1.7368, highest since May 07 amid overbought RSI.
A sustained break of the key SMA confluence and 50% Fibonacci retracement keeps the bulls hopeful.
1.7120/15 acts as an additional downside barrier, 61.8% Fibonacci retracement offers immediate resistance.

Anil Panchal FXStreet

GBP/CAD takes rounds to 1.7335 amid the early Thursday morning in Asia. The quote recently surged to a multi-day high following its successful break of 50% Fibonacci retracement of March month’s fall. However, overbought RSI conditions offer breathing space to the bulls, which in turn can lure sellers seeking entries.

In doing so, the resistance-turned-support of 1.7300, comprising 50% Fibonacci retracement, will be important as a break of which can trigger fresh selling towards the confluence of 100-day and 200-day SMAs near 1.7165/60.

Though, the pair’s further downside will be restricted by a descending trend line from the early-March and 38.2% Fibonacci retracement level near 1.7120/15, a break of which will attack the 1.7000 threshold.

Meanwhile, 61.8% Fibonacci retracement level of 1.7490 and 1.7500 round-figures are on the buyers’ watch-list during the additional north-run.

Given the quote’s successful rise past-1.7500, the April month’s high around 1.7700 will be in the spotlight.

GBP/CAD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.7339
Today Daily Change	37 pips
Today Daily Change %	0.21%
Today daily open	1.7302

Trends
Daily SMA20	1.7073
Daily SMA50	1.7016
Daily SMA100	1.7163
Daily SMA200	1.7159

Levels
Previous Daily High	1.7346
Previous Daily Low	1.7175
Previous Weekly High	1.7181
Previous Weekly Low	1.6977
Previous Monthly High	1.7178
Previous Monthly Low	1.6751
Daily Fibonacci 38.2%	1.7281
Daily Fibonacci 61.8%	1.724
Daily Pivot Point S1	1.7202
Daily Pivot Point S2	1.7103
Daily Pivot Point S3	1.7031
Daily Pivot Point R1	1.7374
Daily Pivot Point R2	1.7446
Daily Pivot Point R3	1.7546

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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