GBPCAD 2.0235-bullish- Posts new 7-year highs at key retracement
GBPCAD surged to a new 7-year high at 2.0321 Friday (July 17, 2015), retracing over 61.8% of the 2.3564/1.4829 (2007/2010) fall The overbought technical indicators suggest caution for pullbacks. The support levels including 1.9890 and 1.9664 which house a 2.5-month rising trendline (from May 6, 2015 low) should hold dips. Further strength would target 2.0538 then 2.0728 resistance levels (as shown on the daily chart).
Outlook:
Short term: bullish
Long term: bullish
Outlook:
Short term: bullish
Long term: bullish
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.