24.2 C
New York
Thursday, June 24, 2021

GBP/CAD Trades Within A Sideways Range

Must read

RBI prescribes dividend ceilings for NBFCs

​These guidelines follow draft norms issued by the central bank in December 2020.

Rite Aids Plunges As Revenue Growth Underwhelms

Stock Markets6 minutes ago (Jun 24, 2021 11:37AM ET) (C) Reuters. By Dhirendra Tripathi Investing.com - Rite Aid (NYSE:RAD) slumped 14% Thursday as 2.2% growth in...

U.S. Justice Dept urges states to help prevent evictions during COVID-19 pandemic

Coronavirus6 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. FILE PHOTO: Protesters surround the LA Superior Court to prevent an upcoming wave of evictions...

Senators brief top Republican on infrastructure deal ahead of Biden meeting

Economy7 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. U.S. President Joe Biden delivers remarks after a roundtable discussion with advisors on steps to...

GBP/CAD traded lower on Wednesday and during the European morning Thursday, after hitting resistance once again near the 1.7165 barrier. Overall though, the price structure suggests a sideways activity since May 10, between that resistance and the 1.7030 support, and thus, we prefer to take the sidelines for now.

In order to start examining further declines, we would like to see a downside exit out of the range, or even better, a clear dip below 1.7005, which is the low of May 13. This may encourage the bears to push for a test near the low of April 30, at around 1.6955, the break of which could extend the decline towards the 1.6868 area, defined as a support by the low of May 6.

Shifting attention to our short-term oscillators, we see that the RSI lies below 50 and points down, while the MACD runs fractionally below both its zero and trigger lines, pointing somewhat south as well. Both indicators detect downside speed, but as we already noted, we prefer to wait for the rate to break below 1.7005 before we start examining whether the bias has turned bearish.

On the upside, a break above 1.7165 could signal the upside exit out of the range, but a move above 1.7207, may be the signal for more bulls to join in. This could initially encourage advances towards the peak of April 27, at 1.7274, where another break could extend the gains towards the 1.7360 hurdle, marked by the high of the day before.

GBP/CAD 4-hour chart technical analysis

GBP/CAD 4-hour chart technical analysis

GBP/CAD Trades Within A Sideways Range

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

- Advertisement -

Latest article

RBI prescribes dividend ceilings for NBFCs

​These guidelines follow draft norms issued by the central bank in December 2020.

Rite Aids Plunges As Revenue Growth Underwhelms

Stock Markets6 minutes ago (Jun 24, 2021 11:37AM ET) (C) Reuters. By Dhirendra Tripathi Investing.com - Rite Aid (NYSE:RAD) slumped 14% Thursday as 2.2% growth in...

U.S. Justice Dept urges states to help prevent evictions during COVID-19 pandemic

Coronavirus6 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. FILE PHOTO: Protesters surround the LA Superior Court to prevent an upcoming wave of evictions...

Senators brief top Republican on infrastructure deal ahead of Biden meeting

Economy7 minutes ago (Jun 24, 2021 11:36AM ET) (C) Reuters. U.S. President Joe Biden delivers remarks after a roundtable discussion with advisors on steps to...

Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.97%

Stock Markets8 minutes ago (Jun 24, 2021 11:35AM ET) (C) Reuters. Denmark stocks higher at close of trade; OMX Copenhagen 20 up 0.97% Investing.com - Denmark...