GBP/CAD sideways below 2.0750

By FXStreet FXStreet (Córdoba) – The GBP/CAD cross ended the day unchanged around 2.0680, having been unable to advance beyond Wednesday’s high (2.0769) on an early attempt. However, the Canadian dollar failed to benefit from a comeback in oil prices, leaving the pair confined to a phase of consolidation.

GBP/CAD technical perspective

“There was some choppy price action in the cross during the American afternoon, as the 4 hour chart shows several candles with long wicks, but practically no bodies, most towards the upside, which reflects increasing selling interest at higher levels, although in the same chart, the price remains above a horizontal 20 SMA while the technical indicators are currently flat in positive territory”, said Valeria Bednarik, chief analyst at FXStreet. “Shorter term, the 1 hour chart shows that the technical indicators are horizontal around their mid-lines, while the price is now a few pips below a horizontal 20 SMA, reflecting the absence of a certain directional strength.”

Support levels: 2.0630 2.0580 2.0540. Resistance levels: 2.0690 2.0640 2.0770.
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Source:: FX Street