Technical Analysis – GBPCAD tumbles from congested areas; buyers try to gain some control
Posted on July 19, 2019 at 9:21 am GMTGBPCAD slipped aggressively from the May 6 top of 1.7727, breaking through the congested support lines formed during the August 2018-March 2019 up leg, with buyers only seeming to make progress in stalling this down push yesterday. The short-term simple moving averages (SMAs) of 14- and 21-days still agree with the south move, and furthermore, the 14-day SMA paused the buyer’s effort to start a pullback. The long-term SMAs of 50-, 100- and 200-days also concur, with a bearish cross [..]