GBP/CAD trades at 1.7416 at the time of writing and it seems determined to jump way higher after escaping from a down channel pattern. The Pound is strongly bullish in the short term and it could lead the pair higher in the short term.
The pair has printed a major bullish engulfing pattern on the Daily chart on Tuesday signaling that the downside movement is finished and that GBP/USD could give birth to new bullish momentum.
H1 Chart Technical Analysis!
GBP/CAD escaped from the down channel on the H4 chart and now is almost to reach the R1 (1.7410) static resistance. It has retested the Pivot Point (1.7295) registering a false breakdown below it.
The current breakout above the ascending pitchfork’s median line (ML) is seen as a bullish signal. Closing and stabilizing above the median line confirm a further growth ahead. A bullish closure above the R1 (1.7410) is seen as a bullish signal as well.
The R2 (1.7496) and the upper median line (UML) represent immediate upside targets, obstacles.
Conclusion!
The aggressive breakout above the median line (ML) and above 1.7380 Friday’s high is seen as a bullish signal. The 1.7600 psychological level could be used as an upside target.
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