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GBPCAD hits 8-week high; looking neutral in the medium-term
GBPCAD has been on the rise since effectively late May, after touching a five-month low of 1.7051 on May 30. Earlier on Friday, the pair reached an eight-week peak of 1.7686. The positively-aligned Tenkan- and Kijun-sen lines are confirming the view for the existence of a bullish bias in the short-term. In addition, the fact that the two lines are steeply heading higher suggests that bullish movement in the near-term has still room to run. The area around the current level of the 100-day moving average at 1.7674 seems to be acting as an immediate barrier to price advances; note that the 100-day MA was momentarily ... (full story)