GBP/CAD stays on the again foot, mildly provided round 1.6990 all by way of early Friday.
The cross-foreign money pair refreshed month-to-month extreme Yesterday earlier than stepping again from the 50-day EMA. In doing so, a bearish spinning prime candlestick Might be noticed on the Daily timeframe, suggesting further weak spot of the quote.
However, a seven-week-previous earlier resistance line shut to 1.6970 restricts quick declines of the pair.
Additionally appearing as a draw again filter is October’s low Near 1.6890, a break of Which might direct the quote in the direction of the yearly backside surrounding 1.6720.
Alternatively, a Daily closing previous 50-day EMA, round 1.7040, will want validation from 1.7090 diploma to purpose for the 1.7190-7200 resistance space collectively with 200-day EMA and a quantity of primes marked all by way of late September and October-start.
Ought to the GBP/CAD bulls stay dominant past 1.7200, late August month’s lows shut to 1.7275 Shall be in focus.
GBP/CAD: Daily chart
Enchancment: Pullagain anticipated