GBP/CAD backs away from 2.0300

By FXStreet FXStreet (Córdoba) – The GBP/CAD was unable to rally beyond 2.0300 and resumed its slide, erasing all of its Tuesday’s gains.

GBP/CAD fell to a daily low of 2.0110 and it was last trading around 2.0132, down 0.58% on the day. The Canadian dollar was supported by oil prices, which gained more than 8% in spite of strong rises in US stockpiles, as the EIA reported an increase of 7.8 million barrels last week, against expectations of a 4.8 million gain.

GBP/CAD levels to watch

“The 1 hour chart for the cross shows that the 20 SMA has turned sharply lower above the current level, while the technical indicators head south within bearish territory, indicating some further declines on a break below 2.0105, Tuesday’s low”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is currently trying to break below a mild bullish 20 SMA, while the technical indicators are crossing their mid-lines towards the downside, also supporting further slides.”

Support levels: 2.0105 2.0050 1.9990 Resistance levels: 2.0180 2.0230 2.0285
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Source:: FX Street