Good morning Traders!
GBPCAD is back at its Resistance level of around the area of 1.6860 following a bullish push that started at the Support level of 1.61 area.
On the Weekly chart we can see that this move has come from a Low that went slightly lower than the previous low, but also managed to push slightly higher than the previous Weekly Higher High. This may indicate buyers momentum, however, because it already moved a long way, and from a very low point, I’d like to see a bit of release of this strong buying pressure.
I’d like to see either a compression of price against this level, making Equal Highs and Higher Lows before a potential break of this level, but my preferred scenario in this case would be a strong decisive break and a close above the level, followed by a pullback to test this level from above.
Happy Trading!
