GBP/CAD Breaks Below 1.55

on May 13, 2013
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So far Monday has been a busy day for the GBP/CAD. The day started with the pair climbing its way up from 1.5539, a rally that resulted in a daily high of 1.5568. However, since then it has been a sharp descent for the pair, which, around 13:40 GMT, broke the below 1.55 mark, reaching a low for the day of 1.5475. At the moment, GBP/CAD is wiggling around the 1.5490 mark, some 0.30 percent into negative territory. For now the initial support level at 1.5440 holds, but should the downside movement continue below that mark, the next level of support will be provided at 1.5402. Finally, a third support level is placed at 1.5363. If the pair manages to bounce back, first resistance is at 1.5566, with additional levels placed at 1.5605 and 1.5644.

The 1.5475 reached today is the lowest point of the currency pair in more than a month. On April 7 the pair climbed to 1.5432 from a previous low of 1.5326, as part of a rally that broke above 1.58 in the final days of April.

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