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 [..]


Technical Analysis – GBPCAD tumbles from congested areas; buyers try to gain some control

Posted on July 19, 2019 at 9:21 am GMT

GBPCAD slipped aggressively from the May 6 top of 1.7727, breaking through the congested support lines formed during the August 2018-March 2019 up leg, with buyers only seeming to make progress in stalling this down push yesterday. The short-term simple moving averages (SMAs) of 14- and 21-days still agree with the south move, and furthermore, the 14-day SMA paused the buyer’s effort to start a pullback. The long-term SMAs of 50-, 100- and 200-days also concur, with a bearish cross [..]


Technical Analysis – GBPCAD reaches new 20-month low; strongly negative

Posted on July 8, 2019 at 12:46 pm GMT

GBPCAD is currently recording a new 20-month low near 1.6344 as it is plummeting over the last couple of months. The momentum indicators are still developing in oversold levels. The RSI, which has been moving below its 30 level over the last month is pointing down, while the stochastic oscillator is looking for a bullish cross below the 20 level. If the price decreases further and falling below today’s low, the 1.6200 psychological level, taken from the high on September 2017, could attract traders’ attention as there [..]


Technical Analysis – GBPCAD posts 20-month low; looks for a rebound in short-term

Posted on June 28, 2019 at 9:32 am GMT

 GBPCAD is currently trading not too far away from yesterday’s 20-month low of 1.6572, having pulled back marginally. The momentum indicators suggest that there is a potential for an upside correction. The RSI, which has been moving around its 30 level over the last month, is pointing up in the oversold area, while the stochastic oscillator is looking for a bullish cross below the 20 level. If the price fails to hold today’s positive momentum, falling below the 1.6572 bottom, the 1.6340 support level, taken from the low on October 2017, [..]


Technical Analysis – GBPCAD is neutral in very short-term; advances are expected

Posted on June 6, 2019 at 12:15 pm GMT

GBPCAD has been on the sidelines for the most part of the week as the 1.7130 level seems to be a real struggle for the bulls. Technically, the price could lose some ground in the short-term as the RSI is flattening near the 30 mark, while the stochastics are warning of an oversold market, but it seems to be turning higher in the daily chart. A rebound on the 1.6970 support could keep the pair in a narrow range, challenging again the 1.7130 resistance, [..]


Technical Analysis – GBPCAD hovers near 3-month low

Posted on May 20, 2019 at 12:11 pm GMT

GBPCAD plunged below the 50.0% Fibonacci retracement level of the upleg from 1.6590 to 1.7795 and the 200-day moving average. Currently, the price is developing beneath the Ichimoku cloud, while the 20- and 40-simple moving averages (SMAs) are turning lower. The RSI indicator is flattening just above 30 oversold level while the MACD is strengthening its negative momentum. In case of more decreases, the price could meet the 61.8% Fibonacci of 1.7050, posting a new three-month low. A break lower, could [..]


Technical Analysis – GBPCAD meets support at 1.7350 again; loses momentum

Posted on April 18, 2019 at 11:51 am GMT

GBPCAD touched the 38.2% Fibonacci retracement level of the upleg from 1.6590 to 1.7795 around 1.7335 once again, failing to decline further. Currently, the price is developing within the Ichimoku cloud, while the 20- and 40-simple moving averages (SMAs) posted a bearish crossover in the preceding sessions. The RSI indicator is flattening, mirroring the market’s behavior over the last few days and the MACD is moving marginally below the trigger line in the negative area. In case of increases, the [..]


Technical Analysis – GBPCAD could see further gains above short-term SMAs

Posted on April 11, 2019 at 1:02 pm GMT

GBPCAD is rising after it found strong support at the 38.2% Fibonacci retracement level of the upward movement from 1.6590 to 1.7795, around 1.7335. The technical indicators are trying to strengthen their momentum, mirroring the market’s behavior over the last days as the RSI is approaching the 50 level, while the MACD is still holding in the bearish area but is edging higher. Additional increases may drive the price towards the 20- and 40-day simple moving averages (SMAs) currently around [..]

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