GBP/CAD bullish sideways consolidation supported at 1.8470The GBP/CAD currency pair maintains a bullish sentiment, supported by the prevailing uptrend. Recent intraday price action shows a corrective pullback toward the previous consolidation zone and the support trendline area.
Bullish Scenario:
The key trading level to monitor is 1.8470, which represents the previous consolidation range. A successful bullish bounce from this level could trigger an upside move toward the 1.8750 resistance. Sustained bullish momentum could then target the next resistance levels at 1.8900 and 1.9020 over the longer timeframe.
Bearish Scenario:
Conversely, a decisive break below 1.8470, with a daily close below this level, would invalidate the bullish outlook. This could open the way for a deeper retracement toward 1.8350, with further downside potential targeting 1.8200.
Conclusion:
The overall sentiment remains bullish as long as 1.8470 holds as support. Traders should look for bullish confirmation at this level to sustain upward momentum. A break below 1.8470 would indicate a potential trend reversal, signaling further downside risk.
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