GBP/CAD Upside Momentum!

Updated:

The GBP/USD price was into a temporary retreat after taking out a major dynamic resistance.Still, in the short term, the bias is bullish. The pair could jump higher after the current decline.

The price action signaled that the short-term decline ended and that the bulls could take full control again. GBP/USD will be driven by fundamental factors tomorrow, the UK and Canada are to release the CPI and the Core CPI data, the inflation figures. The volatility could be huge around these high-impact events.

GBP/CAD Technical Analysis!

GBP/CAD failed to test and retest the descending pitchfork’s median line (ML) signaling strong buyers. It has found support on the weekly pivot point (1.6976) level. A valid breakout through the immediate downtrend line could announce potential growth.

In the short term, the bias remains bullish as long as the price stands within the ascending pitchfork’s body. Jumping and stabilizing above the median line (ml) could signal a potential growth at least until the upper median line (uml).

Conclusion!

The temporary decline is seen as an upside continuation pattern. A new higher high could activate a broader upwards movement.

 

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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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.