GBP/CAD reverses daily losses

By FXStreet FXStreet (Córdoba) – The GBP/CAD cross continued trading within its recent range, having bounced from a daily low set at 2.0020 to close the day with a minor gain. The setback in oil prices seen over the last hours, weighed on the Canadian dollar and led the way higher. At time of writing, GBP/CAD is trading at 2.0108, up 0.14% on the day.

GBP/CAD technical perspective

“The short term picture for the cross is neutral, as the price advanced a few pips above a horizontal 20 SMA, but the technical indicators have lost directional strength around their mid-lines”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, there’s a slightly positive tone as the price advanced above its 20 SMA that anyway remains flat, whilst the technical indicators present tepid bullish slopes above their mid-lines. Some follow-through beyond 2.0130 is however required, to confirm further gains towards the 2.0240 region during the upcoming days”.

Support levels: 2.0065 2.0010 1.9955. Resistance levels: 2.0130 2.0180 2.0240.
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Source:: FX Street