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3 Feb 2015
GBP/CAD trying to base here? - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that GBP/CAD’s slide from 1.92 long-term retracement resistance has steadied on the short-term chart around minor support and may be trying to base.
Key Quotes:
"Short-term price signals are positive around 1.8890/00 but the bounce is not definitive and may represent a pause in the sell-off rather than a bounce at this point."
"We think gains back through 1.90 are needed to lift the GBP again from here in the short run but a retest of last week’s big, bullish break out points cannot be excluded as a risk from here."
"We see support at 1.8645/50 and (stronger) at 1.83. While the break above the latter holds, we maintain out long-term bull call here (2.002 initially and 2.17 further out)."
Key Quotes:
"Short-term price signals are positive around 1.8890/00 but the bounce is not definitive and may represent a pause in the sell-off rather than a bounce at this point."
"We think gains back through 1.90 are needed to lift the GBP again from here in the short run but a retest of last week’s big, bullish break out points cannot be excluded as a risk from here."
"We see support at 1.8645/50 and (stronger) at 1.83. While the break above the latter holds, we maintain out long-term bull call here (2.002 initially and 2.17 further out)."