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20 SMA Remains A Key Hurdle for GBP/CAD -

Sep, 29th 05:40

The GBP/CAD posted a tepid advance yesterday, extending up to 2.0323 intraday, but ending the day below the 2.0300 level.

A strong decline in oil prices, as WTI fell down to end the day around $ 44.50 a barrel, kept the Canadian dollar under pressure, whilst the Pound consolidated its latest losses, helping the cross advancing.

Technically, the 1 hour chart presents a limited upward potential as the price is few pips above a mild bullish 20 SMA, whilst the technical indicators aim slightly higher in positive territory.

In the 4 hours chart, however, the price remains unable to advance beyond its 20 SMA, whilst the technical indicators remain flat below their mid-lines, limiting chances of a stronger recovery.

At this point, the pair needs to advance above the 2.0345 level, the 200 EMA in this last time frame, to be able to extend its advance up to the 2.0420/40 price zone should the Pound recover its strength.

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