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%.

Ross J Burland FXStreet

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.

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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