GBP/CAD 4H Chart: Weekly Overview
The British Pound appreciated about 2.82% in values against the Canadian Dollar during last week’s trading session. The currency pair reached near June 2018 high at 1.7629.
Everything being equal, it is likely that the currency exchange rate makes a retracement towards the 100– and 200-hour simple moving averages at 1.7247 within this week’s trading session.
Meanwhile, technical indicators demonstrate that bulls will continue to dominate the GBP/CAD pair during the following trading sessions.
Everything being equal, it is likely that the currency exchange rate makes a retracement towards the 100– and 200-hour simple moving averages at 1.7247 within this week’s trading session.
Meanwhile, technical indicators demonstrate that bulls will continue to dominate the GBP/CAD pair during the following trading sessions.
Comment:
The 100– hour simple moving average has been guiding the Pound Sterling higher against the Canadian Dollar since late February. The currency pair re-tested the 100-hour SMA during last week’s trading sessions.
Given that the GBP/CAD currency pair has breached a resistance cluster at 1.7692, bullish traders could push the price towards the upper boundary of a medium-term ascending channel pattern at 1.7800.
Moreover, technical indicators demonstrate that bulls could continue their dominance in the market during the following trading sessions.
Given that the GBP/CAD currency pair has breached a resistance cluster at 1.7692, bullish traders could push the price towards the upper boundary of a medium-term ascending channel pattern at 1.7800.
Moreover, technical indicators demonstrate that bulls could continue their dominance in the market during the following trading sessions.
Comment:
The British Pound has appreciated about 2.11% in value against the Canadian Dollar since last week’s trading session. The currency pair re-tested June 2018 high level at 1.7789 during Monday’s trading session.
The exchange rate was trading near a support cluster formed by the 50– hour simple moving average and the weekly PP at 1.7646 during the morning hours of today’s session.
If this support cluster holds, the currency exchange rate will aim for a new 2019 high levels during the following trading sessions.
On the other hand, if the GBP/CAD pair passes the cluster as mentioned above, bearish traders could push the pair towards the 200-hour SMA at 1.7411.
The exchange rate was trading near a support cluster formed by the 50– hour simple moving average and the weekly PP at 1.7646 during the morning hours of today’s session.
If this support cluster holds, the currency exchange rate will aim for a new 2019 high levels during the following trading sessions.
On the other hand, if the GBP/CAD pair passes the cluster as mentioned above, bearish traders could push the pair towards the 200-hour SMA at 1.7411.
The 100-hour SMA guided the exchange rate towards a psychological resistance level at 1.7800 during Monday’s trading session.
By and large, it is likely that the currency pair edges lower towards a support level formed by the weekly pivot point at 1.7560 during the following trading sessions.
However, technical indicators demonstrate that bulls could continue to push the currency exchange rate higher within this week’s trading sessions.