GBP/CAD clings to 1.9100

The GBP/CAD cross advanced on Monday as the loonie weakened on the back of poor Canadian economic data. Canada’s Industrial Production in April fell by 0.5% against an advance of 0.2% expected.

GBP/CAD reached a daily peak of 1.9143 as the CAD eased against the greenback, whilst the Pound held ground and even edged modestly higher, supporting the advance of the cross that anyway held within its latest range.

GBP/CAD technical outlook

“For the upcoming hours, the pair may advance further, but it will take a break above 1.9165, to confirm so, giving that in the 1 hour chart, it presents a neutral stance, with the indicators heading nowhere around their mid-lines and the price holding above a bullish 20 SMA,” said Valeria Bednarik, chief analyst at FXStreet. “In the 4 hours chart, the price is a few pips above its 20 SMA, whilst the technical indicators are turning lower within neutral territory, rather reflecting the latest range than suggesting an upcoming downward move.”

Support levels: 1.9045 1.8990 1.8930. Resistance levels: 1.9110 1.9165 1.9220.