GBP/CAD Price Analysis: Bulls in charge with 0.7480 in their sights

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.

Ross J Burland FXStreet

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

Prior 4-hour analysis

Live market

As illustrated, the price action has moved according to the prior analysis and projection.

Price action expectations

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.

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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