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FxPro Forex Analysis: GBPCAD Analysis – June 22, 2018

This pair found support at 1.70560 and has rallied back to resistance around 1.76620 as it attempts to go on to retest the blue trend line at 1.77700. The BOE decision yesterday pushed the price above resistance at 1.75758 as MPC member Haldane joined two of his colleagues in voting for a rate hike. Resistance around 1.77380 is the next to bar any advance and if the trend line is breached 1.78500 comes into focus. The red trend line is positioned above 1.80500 and may come into play at a future date if price can manage to catch it. Until then higher resistance is located at 1.82650 and 1.84150.

Support from the moving averages has allowed the price to push up to resistance. The 50 and 100 DMAs are found at 1.74800 while the 1.74617 level gives a degree of strength to them. The 1.74000 level has been used recently and the 200 DMA is rising towards it at 1.73553. A loss of this area can see the 1.72224 level retested. A drop under that point would point to a retest of the low from May at 1.70550.


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