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Alert - 17:45 (CET) - GbpCad
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The GbpCad is trading at 1.8500 Canadian Dollars per Pound. This session, the pair is ranging from 1.8153 to 1.8607. The current price is over yesterday's close at 1.8127. In the hourly graphics, the 20- and 50-day Exponential Mobile Averages (EMA) are under the 200-day EMA.
It seems that after the strong profit taking from a few days ago, the pair has set foot on firm terrain at 1.8000. If it's not as firm as it seems, the traders will contemplate corrections until 1.7500. For now, the Sterling traders are relaxed and hope to conquer the first objective at 1.8639 (November 12th high).Once broken, the traders will try to hit more ambicious objectives at 1.8781 (November 4th high) and 1.9000.
Checking the hourly graphics again, the current price is under the 0.00% (1.8508) Fibonacci retracement line. The average volatility per hour is 480 pips and the 60-minute Relative Strenght Index (RSI) is at 68 points, near the overbought area.
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