GBP/CAD Bullish Reversal In Cards Again!

GBP/CAD Bullish Reversal In Cards Again!

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.

 

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Olimpiu Tuns

Olimpiu Tuns

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.