GBP/CAD Price Analysis: Bears are moving in to target 1.69 the figure

GBP/CAD bears are moving in and eye 1.6900.
The 61.8% Fibo has acted as a strong level of resistance.

Ross J Burland FXStreet

GBP/CAD is slowing in its correction of the prior day's sell-off and there are prospects of a downside extension for the day ahead. As per the prior analysis, GBP/CAD Price Analysis: Bears stepping in and eye break of 2022 lows for sessions ahead, the pair is on course for a move from resistance as illustrated in the following analysis/

GBP/CAD prior analysis

''On the hourly chart, the price is reaching up into the 61.8% golden ratio territory. Should this hold as resistance, then the focus will be on the downside for a test and break of the lows for the sessions ahead. A break below 1.69 the figure opens risk to the 1.6830s daily target as illustrated above.''

GBP/CAD live market

The price has stalled at the forecasted area near the 61.8% ratio and is now starting to form a bearish bias on the hourly time frame.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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