GBP/CAD Price Analysis: Struggle with 21-DMA continues as bulls fight for control

GBP/CAD remains stuck in a tight range around 21-DMA.
Daily RSI stays bearish, pointing to limited upside.
The cross awaits fresh impetus to extend the rebound.

Dhwani Mehta FXStreet

GBP/CAD is attempting a bounce above 1.7050 on Tuesday, snapping a three-day losing streak amid persistent strength seen in GBP/USD.

Markets shrug-off renewed Brexit concerns surrounding the Northern Ireland (NI) Protocol, as broad US dollar weakness continues to underpin the cable. Meanwhile, subdued price action in USD/CAD fails to have any impact on the cross.

From a near-term technical perspective, the spot is looking to find acceptance above the 21-daily moving average (DMA), now at 1.7078.

Sellers continued to lurk above the latter over the past week, limiting the advances in the cross.

Therefore, daily closing above the 21-SMA would open doors towards a test of the 1.7100 round number. The next stop for the bulls is seen at the previous week high at 1.7155.

GBP/CAD daily chart

However, with the 14-day Relative Strength Index (RSI) still trending below the midline, it remains to be seen if the recovery momentum sustains.

A failure to hold above the 21-SMA hurdle could revive the bearish bets, knocking off the price back towards the 1.7030 support area.

A breach of the last would expose the 1.7000 psychological threshold.

GBP/CAD additional levels to watch

GBP/CAD

Overview
Today last price	1.7078
Today Daily Change	0.0025
Today Daily Change %	0.15
Today daily open	1.7053

Trends
Daily SMA20	1.7078
Daily SMA50	1.7232
Daily SMA100	1.7363
Daily SMA200	1.7288

Levels
Previous Daily High	1.7103
Previous Daily Low	1.703
Previous Weekly High	1.7155
Previous Weekly Low	1.7029
Previous Monthly High	1.7595
Previous Monthly Low	1.6952
Daily Fibonacci 38.2%	1.7058
Daily Fibonacci 61.8%	1.7075
Daily Pivot Point S1	1.7021
Daily Pivot Point S2	1.6989
Daily Pivot Point S3	1.6948
Daily Pivot Point R1	1.7094
Daily Pivot Point R2	1.7135
Daily Pivot Point R3	1.7167

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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