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
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