GBP/CAD refreshes intraday low following its failure to extend previous day’s bounce off 1.7296 beyond 1.7332. Bearish MACD, sustained break of short-term support line favor sellers. Bulls may wait for fresh weekly high before taking entries. GBP/CAD bounces off the recently flashed intraday low of 1.7291 to 1.7308 during the pre-European session trading on Thursday. Even so, the cross prints losses on a daily basis while extending the downside break of an ascending trend line from July 23. The downside moves may also take clues from the bearish MACD to aim for another rising trend line, from July 01, near 1.7220. However, the pair’s declines past-1.7220 will be challenged by a confluence of 100-day and 200-day SMAs close to 1.7200, a break of which could recall 1.7000 psychological magnet back to the chart. On the upside, a daily closing past-1.7320 level comprising the support-turned-resistance becomes necessary for the quote to target the weekly high near 1.7465. In a case where the bulls manage to cross 1.7465, the monthly high around 1.7590 and July month’s peak close to 1.7675 will become their favorites. GBP/CAD daily chart Trend: Further downside expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Crude Oil Futures: Consolidative mood remains well in place FX Street 2 years GBP/CAD refreshes intraday low following its failure to extend previous day’s bounce off 1.7296 beyond 1.7332. Bearish MACD, sustained break of short-term support line favor sellers. Bulls may wait for fresh weekly high before taking entries. GBP/CAD bounces off the recently flashed intraday low of 1.7291 to 1.7308 during the pre-European session trading on Thursday. Even so, the cross prints losses on a daily basis while extending the downside break of an ascending trend line from July 23. The downside moves may also take clues from the bearish MACD to aim for another rising trend line, from July 01, near… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
