GBP/CAD fails to hold above 2.0700

By FXStreet FXStreet (Córdoba) – GBP/CAD advanced modestly on Monday, reaching a daily high of 2.0729, as the Canadian dollar sunk in tandem with oil prices. However, the cross gave back most of its daily gains and holds near last weekly close, right below the 2.0690 level.

Both the pound and the loonie were among the worst performers in the FX market, facing losses against the greenback.

GBP/CAD technical perspective

“As for the GBP/CAD the price has hovered around 1.0690, Fibonacci resistance, ever since the day started, and the 4 hours chart now shows that the price is slightly above a bearish 20 SMA, while the technical indicators turned south, but hold around their mid-lines, indicating a limited downward potential at the time being”, said Valeria Bednarik, chief analyst at FXStreet.

Bednarik locates next support levels at 2.0635, 2.0580 and 2.0535, while she sees resistances at 2.0690, 2.0745 and 2.0790.
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Source:: FX Street