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“GBP/CAD Poised for a Breakthrough: Will It Conquer the Next Resistance Levels?”

"GBP/CAD Poised for a Breakthrough: Will It Conquer the Next Resistance Levels?"

In the ever-shifting landscape of forex trading, one might ponder: is there ever a dull moment—especially when the GBP/CAD pair decides to make a dramatic leap off a robust long-term support zone? Indeed, this currency duo isn’t just flirting with stability; it seems to be setting its sights on new bullish ambitions. As Sterling grapples with market pressures, including surging U.K. bond yields, traders are left to wonder just how high this pair can soar from here. If you’ve got a keen eye on inflection points and are ready to ride this wavering wave of momentum, then buckle up! We’re diving deep into the potential heights awaiting GBP/CAD. LEARN MORE.This pound pair made a pretty strong bounce off a solid long-term support zone and could now be setting its sights on the next bullish targets.

Just how high can it go from here?

Check out these nearby inflection points!

GBP/CAD 4-hour Forex Chart by TradingView

GBP/CAD 4-hour Forex Chart by TradingView

Sterling didn’t exactly start this year off on the right foot, surging U.K. bond yields put the government’s spending plans in jeopardy, dragging GBP/CAD sharply towards the long-term floor at the 1.7500 handle.

Bulls were quick to defend this support zone, though, as falling crude oil prices eventually weighed on the correlated Loonie.

Can this pair hold on to its gains and go for more?

Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on the British pound and the Canadian dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
Price is currently hitting a roadblock around the 100 SMA dynamic inflection point and R2 (1.7740) on its move up, possibly gearing up to retreat back to near-term support areas or the range bottom at S1 (1.7510).

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