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12 Mar 2015
GBP/CAD: Scope for 1.8500 - TDS
FXStreet (Guatemala) - Analysts at TD Securities explained that there was a fair bit going on in GBP/CAD this morning and none-of it was very good for the pound.
Key Quotes:
"The GBP has slipped under the 40-day MA and below the base of a bear flag signal (1.9048)."
"February/March lows are under pressure and the neckline of the potential H&S reversal highlighted previously looks at risk."
"We noted earlier this week that the loss of the 40-day MA would be GBP-negative and, with price doing a lot of damage to the charts today, significant downside risks are building here."
"The bear flag formation suggests scope for a drop back to 1.85—broadly in keeping with a stiff retest of the 2014 high (1.8645) and the major, long-term bull break out seen earlier this year at 1.8309 currently."
Key Quotes:
"The GBP has slipped under the 40-day MA and below the base of a bear flag signal (1.9048)."
"February/March lows are under pressure and the neckline of the potential H&S reversal highlighted previously looks at risk."
"We noted earlier this week that the loss of the 40-day MA would be GBP-negative and, with price doing a lot of damage to the charts today, significant downside risks are building here."
"The bear flag formation suggests scope for a drop back to 1.85—broadly in keeping with a stiff retest of the 2014 high (1.8645) and the major, long-term bull break out seen earlier this year at 1.8309 currently."