GBP/CAD Price Analysis: Fades upside momentum near 11-week top
- GBP/CAD eases from 1.7368, highest since May 07 amid overbought RSI.
- A sustained break of the key SMA confluence and 50% Fibonacci retracement keeps the bulls hopeful.
- 1.7120/15 acts as an additional downside barrier, 61.8% Fibonacci retracement offers immediate resistance.
GBP/CAD takes rounds to 1.7335 amid the early Thursday morning in Asia. The quote recently surged to a multi-day high following its successful break of 50% Fibonacci retracement of March month’s fall. However, overbought RSI conditions offer breathing space to the bulls, which in turn can lure sellers seeking entries.
In doing so, the resistance-turned-support of 1.7300, comprising 50% Fibonacci retracement, will be important as a break of which can trigger fresh selling towards the confluence of 100-day and 200-day SMAs near 1.7165/60.
Though, the pair’s further downside will be restricted by a descending trend line from the early-March and 38.2% Fibonacci retracement level near 1.7120/15, a break of which will attack the 1.7000 threshold.
Meanwhile, 61.8% Fibonacci retracement level of 1.7490 and 1.7500 round-figures are on the buyers’ watch-list during the additional north-run.
Given the quote’s successful rise past-1.7500, the April month’s high around 1.7700 will be in the spotlight.
GBP/CAD daily chart
Trend: Pullback expected
ADDITIONAL IMPORTANT LEVELS
|Today last price||1.7339|
|Today Daily Change||37 pips|
|Today Daily Change %||0.21%|
|Today daily open||1.7302|
|Previous Daily High||1.7346|
|Previous Daily Low||1.7175|
|Previous Weekly High||1.7181|
|Previous Weekly Low||1.6977|
|Previous Monthly High||1.7178|
|Previous Monthly Low||1.6751|
|Daily Fibonacci 38.2%||1.7281|
|Daily Fibonacci 61.8%||1.724|
|Daily Pivot Point S1||1.7202|
|Daily Pivot Point S2||1.7103|
|Daily Pivot Point S3||1.7031|
|Daily Pivot Point R1||1.7374|
|Daily Pivot Point R2||1.7446|
|Daily Pivot Point R3||1.7546|
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