GBP/CAD Bullish Reversal In Cards Again!

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RESULTS

GBP/CAD stands at 1.7466 level at the time of writing signaling strong buyers. Today’s aggressive rally may bring new opportunities. The price is almost to get out from a sideways movement.

This scenario could announce further growth ahead. The Pound is strongly bullish in the short term and it could take full control. GBP/CAD’s decline seems over, that’s why we could search for long opportunities.

GBP/CAD H4 Technical Analysis!

GBP/CAD has registered only false breakdowns through the 61.8% retracement level signaling exhausted sellers. Now is pressuring the 1.7435, R2 (1.7442), and the 38.2% Fibonacci level.

Closing and stabilizing above these upside obstacles could bring a buying opportunity. The price has confirmed the ascending pitchfork with its false breakdown through the lower median line (lml).

GBP/CAD has managed to jump far above the median line (ml) but we cannot exclude a retest before resuming its upwards movement.

Conclusion!

The false breakdowns from the narrow range signaled an upside valid breakout. A valid breakout above the immediate upside targets could confirm a bullish continuation.

 

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