A SNAPSHOT OF GBPCADWe could spot an immediate up trend on GBPCAD on the H4 time frame, the overall bullish dominance is conspicuous with the formation of HHs and HLs.
However, prices were resisted around 1.8527 levels which happened to be three weeks high.
Price is currently resting above EMA 50 which serves as support and likely adds credence to the bullish trend. From technical perspective, analysts expect another throw to take out the preceding high of 1.8527, with potential target around 1.8638 for the uptrend to continue. On the flipside, if the support level of 1.8315 is taken out, that would validate a reversal of the trend with potential target around 1.8243 and 1.8115. Break out of these levels are not ruled out as per analyst.
UPCOMING CATALYST:
From the radar, Bank of England Governor Andrew Bailey is scheduled to speak today, April 23rd, 2025, at 9:15 PM GMT+4 at institute of international Finance in Washington DC.
Meanwhile, on the 16th of April, inflation rate in the UK dropped to 2.6% y/y, lowest since October and as such, this increased expectations for lowering rate and analyst has projected about four rates cut in the year 2025 if inflation continue to decline. The next rate meeting scheduled for May 8th might likely be ushering in another rate cut according to analysts.
Furthermore, Retail sales data for both economies would be on the wire on Friday, the 25th. These data points could trigger market volatility, offering both risks and potential trading opportunities.
