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    GBP/CAD resumes decline, nears 1.8100

    The GBP/CAD cross resumed its decline on Tuesday, although it remained within its recent range, and closed the day around 1.8130.Pound's weakness due to Brexit fears kept dominating the cross, while the Canadian dollar was also under pressure amid risk aversion, although losses for the commodity-related currency were moderated.GBP/CAD technical perspective“The bearish trend remains firm in place for GBP/CAD, although the short term picture is mostly neutral, as in the 1 hour chart, the price has been consolidating right below its 20 SMA, whilst the technical indicators head nowhere below their mid-lines,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the technical indicators have erased the extreme oversold conditions reached on Monday, with the Momentum indicator aiming higher below its 100 level and the RSI now consolidating around 31. In this last time frame, the 20 SMA extended its decline and continues capping the upside, currently around 1.8215, the level to recover to see a more steadier recovery this Wednesday.”   Support levels: 1.8090 1.8030 1.7975. Resistance levels: 1.8215 1.8260 1.8310.

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