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GBP/CAD May Record Historic Gains Amid Rally In Oil Prices

The GBP/CAD extended its advance up to 2.0382, as the British Pound recovered some charm, whilst the Canadian dollar remained under selling pressure, despite oil prices edged back higher.

The cross however, is far from confirming a steadier recovery, as in the daily chart, it remains well below its 20 SMA, whilst the technical indicators are still below their mid-lines. Shorter term, the 1 hour chart shows that the 20 SMA is now flat around 2.0660, acting as an immediate intraday support, whilst the technical indicators have lost their upward strength above their mid-lines. For good forex trading analysis, you may visit fxbinarypoint forum.


In the 4 hours chart, however, the technical indicators are retreating from their mid-lines after correcting oversold readings reached earlier in the week, whilst the price is hovering around its 20 SMA that lacks directional strength.

The pair set a daily high at 2.0382, with some further advances expected on a break above it.

Support levels: 2.0265 2.0220 2.0170

Resistance levels: 2.0330 2.0380 2.0450

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