GBPCAD → Breaking a strong trend. The bulls are active

16. Juni 2023

GBPCAD is exiting the downtrend and heading to test the strong resistance area of 1.69178. In the market is expected an increase in volumes and struggle between the buyers and sellers.

The currency pair is trading in the liquidity area of 1.69178. There is a chance that the price won't be able to break it at the first time and may form a pullback to the nearest support 1.68500, but in the medium term after the pullback it is worth waiting for growth.
The bulls will try to gain control over the area of 1.69178, if the attempt is successful, we might see a strong counter-trend growth towards 1.70436. A consolidation of prices above the level will be a signal for buying.

SMA - act as a strong support
Support levels: 1.68500, earlier broken channel boundary
Resistance levels: 1.69178, 1.70436
Up to resistance 1.70436 is a free zone. If the bulls take control of 1.69178, the rise could be quite fast. We expect strengthening of the currency pair

Regards R.Linda!