Trading Ideas

GBP/CAD Price Analysis: 200-HMA Guards Bounces Off Intraday Low

GBP/CAD pulled back from the day’s low to 1.7308 while heading into the London open on Wednesday. All things considered, the cross prints 0.07% loss on a day as a break of a rising trend line from Monday and disappointments to cross 200-HMA keep the bears cheerful. 


As a result, the pair’s new descent to 1.7293 low threatening to return to the earlier day’s bottom around 1.7250 can’t be precluded. 

However, the pair’s further descent is probably going to be tested by 1.7215 involving the week by week low and 61.8% Fibonacci retracement of its late-July month’s upside. 

On the other hand, the 1.7335/40 zone including 200-HMA, 50.0% Fibonacci retracement of August 18-24 fall and the support-turned-into-resistance line confines the sets’ short-term recuperation moves. 

Likewise, going about as an upside obstruction is the 61.8% of Fibonacci retracement close to 1.7370, a break which can review the mid-August tops encompassing 1.7465. 


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