GBP/CAD Price Analysis: Bulls taking on bearish commitments
|- GBP/CAD is meeting a critical technical resistance zone.
- Bulls will be in the clear on a break of the 61.8%.
As per the prior analysis, GBP/CAD Price Analysis: Bulls stepping in at weekly demand zone, the price did indeed head higher.
Prior analysis
The daily chart offers prospects of a significant 38.2% Fibonacci retracement to prior lows before the market can extend further to the downside.
Prior analysis, daily chart
Live market, daily chart
The price exceeded the 38.2% Fibo and rallied all the way to test the 61.8% Fibo.
This would now be expected to hold initial tests, but a break will open risk to an upside.
However, the current is with the bears within the broader downtrend, so if the resistance structure holds, there is a high probability of a downside continuation.
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