Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
GBP/CAD hovering inside a buy area
2019-11-11 • Updated
The pair is consolidating the price action around the 200 SMA at H1 chart across the board and it’s facing a strong demand zone that could help to push it higher towards new highs. If the Fibonacci level of 65% at 1.7766 stays intact, GBP/CAD could rally to test the Fibonacci area of -23.6% at 1.8149. To the downside, if it does a breakout of last Friday’s lows, we can expect a leg lower towards the 1.7614 level.
RSI indicator stays in the positive territory and it’s close to the overbought zone.
USDCAD began the week slightly higher reaching as high as 1.2510 but failed to sustain these gains.
GBP/USD has managed to rise for the third trading day in a row including today’s Asian session, while the daily technical indicators are moving higher gradually.
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