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FX.co ★ Technical analysis of GBP/CAD for October 27, 2016

Technical analysis of GBP/CAD for October 27, 2016

After breaking both 200- and 50-Moving Averages, GBP/CAD could now continue rising furhter. After breaking MAs, the pair found the support first on 200MA and then on 50MA.

Consider buying GBP/CAD, while the pair is near the upward trend line (1.6360) targeting 161.8% Fibs (1.6510) applied to the last corrective wave down, where price rejected 200 MA. The suggested stop loss is below 1.6300 psychological support.

Support: 1.6300

Resistance: 1.6510

Technical analysis of GBP/CAD for October 27, 2016

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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