GBP/CAD Price Analysis: Bulls step in and accumulation could be in progress
|- GBP/CAD is consolidating in the risk-off mayhem.
- Breaking: EUR/USD breaks fresh 2022 lows, 1.1020
- Europe's largest nuclear reactor complex is being attacked by Russia.
GBP/CAD has popped higher as the Canadian dollar takes a hit with the greenback picking up a safe haven bid. Both GBP and CAD are being trapped in the tight ranges and sandwiched by the greenback. However, the following illustrates the price action development since the prior session's analysis.
GBP/CAD prior analysis
''With that being said, the price is making a strong advance towards the 78.6% Fibonacci retracement level having broken the 50% mean reversion level at 1.6920. 1.6920 could act as a firm support. This could potentially lead to some further consolidation above it for the sessions ahead before a potential downside continuation.''
GBP/CAD live chart
As illustrated, the price consolidated and then broke to the downside. It is now moving higher and this could represent a phase of accumulation for the sessions ahead.
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