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GBPCAD on a slippery mode; stays positive in medium term
GBPCAD is losing momentum after finding a strong resistance obstacle around the nine-month high of 1.7795 in the preceding week. The technical indicators are slowing down, mirroring the market’s behavior over the last days as the RSI is flattening in positive territory. The MACD is also holding in the bullish area, however, it slipped below the trigger line, creating a bearish crossover. In case the pair changes its short-term direction to the downside, the bears would probably challenge the 20-day simple moving average (SMA) currently around 1.7550 and then could hit the immediate support at the 23.6% Fibonacci ... (full story)