GBP/CAD looking to make a solid rebound

GBP/CAD looking to make a solid rebound

GBP/CAD has been starting the week within a range established by our Fibonacci projections across the board. The Fibo level of 50% at 1.6768 is acting as a demand zone and in case that the pair holds last Friday’s lows, it could point to test the -23.6% Fibo level at 1.7343 once it break above November 1st highs. To the downside, if it manages to break below 1.6651, then it can reach the 78.6% Fibo level at 1.6544.

RSI indicator is entering the overbought territory, calling for a pull back.




Morning brief for May 30

 Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…

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