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GBP/CAD extends gains but falters ahead of 2.0300

FXStreet (Córdoba) - The GBP/CAD cross advanced up to 2.0290 on Thursday, but retreated as the CAD appreciated slightly, despite oil prices plummeted on a surprise increase in US stockpiles last week. At time of writing, GBP/CAD is trading at 2.0225, recording a 0.3% gain.

GBP/CAD technical view

“The cross however, maintains a short term bullish tone, as in the 1 hour chart, the price is above a bullish 20 SMA, whilst the technical indicators are aiming back north after a limited downward correction from overbought levels”, said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price has recovered sharply higher above its 200 EMA, while the 20 SMA heads higher below it, and the technical indicators turned flat near overbought territory, supporting some consolidation ahead of a new leg higher”.

Bednarik locates next supports at 2.0200, 2.0165 and 2.0110, while resistances are seen at 2.0285, 2.0340 and 2.0390.

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