Technical Analysis – GBPCAD rallies towards one-month peak; could rise further

Posted on January 23, 2020 at 7:56 am GMT

GBPCAD posted an aggressive upside session on Wednesday, surpassing the 20- and 40-simple moving averages (SMAs) in the daily timeframe and gaining more than 200 pips. The price hit an almost one-month high today of 1.7295. Looking at momentum indicators, the RSI is moving north in the positive territory, approaching the 70 level, while the %K line of the stochastic entered the overbought zone. The MACD also supports this view as it is holding in the negative area but is [..]


Technical Analysis – GBPCAD loses ground; challenges supportive trendline

Posted on January 13, 2020 at 10:20 am GMT

GBPCAD at this time is challenging the 1.6960 level – a support where the pair had consolidated after a decline from the nine-month high of 1.7790 – where the uptrend line, drawn from the low on 3 September 2019 presently resides. The push down seems to be aided by strengthening negative momentum and the bearish crossover of the 50-day simple moving average (SMA) by the 20-day one. The short-term oscillators suggest negative momentum is picking up. The MACD, is declining [..]


Technical Analysis – GBPCAD cautiously positive as decline hits a wall at the 50-day SMA

Posted on December 20, 2019 at 2:04 pm GMT

GBPCAD’s aggressive reversal marginally ahead of the previous high from March 12 of 1.7793 has come to a standstill at the 1.7058 level – which is the 38.2% Fibonacci retracement of the up leg from 1.5874 to 1.7790 – that previously restricted further advances in the pair. The short-term oscillators reflect conflicting signals in directional momentum. The MACD has dropped far below its red trigger line but remains in the positive zone, while the RSI has dipped below its neutral [..]


Technical Analysis – GBPCAD rally looks overstretched near resistance trendline

Posted on December 4, 2019 at 2:16 pm GMT

GBPCAD gained further positive traction on Wednesday and unlocked a fresh 7-month high of 1.7393. It seems that there is more bullish fuel in store, though at a limited amount as the RSI and the Stochastics are moving into overbought waters and the price itself is trading near a resistance trendline that joins the peaks since March 2018.  A complete bearish cross between the 50- and the 200-day SMAs could turn medium-term traders cautious too. In case the price returns below [..]


Technical Analysis – GBPCAD breaches key resistance in effort to maintain bullish picture

Posted on November 20, 2019 at 2:14 pm GMT

GBPCAD is pushing above a key resistance of 1.7133 from the swing high from May 29. The ascent, which commenced on August 9, is aided by the progressing bullish cross of the 50-day simple moving average (SMA) and the improving positive momentum in the technical indicators. The short-term oscillators suggest that positive directional momentum is increasing as do the slopes of the 50- and 100-day SMAs. The MACD, in the positive zone, has moved back above its red trigger line, [..]


Technical Analysis – GBPCAD’s signals remain bullish above the 200-day SMA

Posted on October 31, 2019 at 4:08 pm GMT

GBPCAD buyers are attempting to push above 1.7060, which is the 61.8% Fibonacci retracement of the down leg from 1.7793 to 1.5874, to retest the fresh high of 1.7092. The nearly three-month ascent seems to have backing from the bullish cross of the 50-day simple moving average (SMA) and the strengthening positive momentum in the short-term oscillators. The technical indicators reflect improving positive directional momentum, with the RSI and the stochastics (%K) sloping upwards in their approach to the overbought [..]


Technical Analysis – GBPCAD pauses rally as short-term indicators hint at overbought conditions

Posted on October 21, 2019 at 10:08 am GMT

GBPCAD stalled near the 61.8% Fibonacci of the 1.7793-1.5873 bearish wave following the close above the 200-day simple moving average (SMA), having printed two green weeks in a row. The downside reversal in the Stochastics combined with the flattening Ichimoku indicators and an RSI that looks to be easing momentum above its 70 overbought mark hints that the rally may be overstretched and hence some weakness may follow in coming sessions. Still, a decline below 1.6600 is required for traders to lose [..]


Technical Analysis – GBPCAD prints biggest daily gain in two years

Posted on September 16, 2019 at 12:05 pm GMT

GBPCAD recorded its biggest daily gain in more than two years on Friday, with the pair rallying by 2.0% to find resistance around 1.6610, which is the 38.2% Fibonacci of the downleg from 1.7793 to 1.5873 – a key support area during 2018. Although the market opened lower on Monday, the bullish pressure remains strong as the MACD keeps increasing momentum above its signal line and the RSI holds well above its 50 neutral level despite slowing a little bit. The Stochastics, though, have [..]


Technical Analysis – GBPCAD picks up some upside momentum; outlook still bearish

Posted on August 14, 2019 at 10:29 am GMT

GBPCAD has been on a downtrend since the beginning of May, sliding to a two-year low of 1.5874 on Friday. The downside pressure has eased somewhat this week with momentum indicators pointing to a weak positive movement. The RSI is rising but has some way to go before escaping out of bearish territory above 50. The stochastic oscillator is also signalling an improved bias in the short term, with the %K line crossing above the %D line, though they both [..]


Technical Analysis – GBPCAD 2-month tumble moves sideways before direction unveiled

Posted on July 24, 2019 at 8:43 am GMT

GBPCAD’s prevailing downtrend came to a halt on July 16, as price printed a morning star pattern. Potential reversal also is implied from the candles after the pattern, indicating uncertainty to the direction. Concurring we can see that the Tenkan-sen average has moved horizontally. As momentum evaporates the MACD moves above the red trigger line in the negative zone, with the RSI above 30 level becoming slightly flat. The ADX still indicates a strong trend. The 50-, 100- and 200-day [..]

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