CADGBP closes within prior day's range after lackluster session
Canadian Dollar/British Pound (CADGBP) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
CADGBP finished the month 1.02% higher at 0.5940 after losing 12 pips (-0.2%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CADGBP as at Jun 30, 2020):
Tuesday's trading range has been 33 pips (0.55%), that's below the last trading month's daily average range of 45 pips. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CADGBP.
Prices are trading close to the key technical support level at 0.5915 (S1). Prices are trading close to the key technical resistance level at 0.5970 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 0.5970 where further buy stops could get activated. As prices are trading close to June's high at 0.5970, upside momentum might speed up should the market mark new highs for the month.