GBP/CAD Price Analysis: Bulls step in and accumulation could be in progress

GBP/CAD is consolidating in the risk-off mayhem.
Breaking: EUR/USD breaks fresh 2022 lows, 1.1020
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Ross J Burland FXStreet

GBP/CAD has popped higher as the Canadian dollar takes a hit with the greenback picking up a safe haven bid. Both GBP and CAD are being trapped in the tight ranges and sandwiched by the greenback. However, the following illustrates the price action development since the prior session's analysis.

GBP/CAD prior analysis

''With that being said, the price is making a strong advance towards the 78.6% Fibonacci retracement level having broken the 50% mean reversion level at 1.6920. 1.6920 could act as a firm support. This could potentially lead to some further consolidation above it for the sessions ahead before a potential downside continuation.''

GBP/CAD live chart

As illustrated, the price consolidated and then broke to the downside. It is now moving higher and this could represent a phase of accumulation for the sessions ahead.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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