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- GBP/CAD is in the hands of the bulls, taking on the next layer of resistance.
- On a break of resistance, 0.7480 is earmarked as a daily extension’s target.
Further to the prior analysis, GBP/CAD Price Analysis: Choppy consolidation with bullish bias, the market has moved in accordance with the daily support and upside continuation expectations.
Prior daily chart analysis
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Prior 4-hour analysis
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Live market
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As illustrated, the price action has moved according to the prior analysis and projection.
Price action expectations
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The bulls are firmly in control through the first layer of resistance, closing above it on a 4-hour basis.
The old resistance would be presumed to act as support and bulls taking part in the move may consider moving their stop loss to breakeven.
Meanwhile, there is overhead resistance for where the market is testing.
A break of which opens the path to a 0.7480 target.
This article was originally published by Fxstreet.com. Read the original article here.