GBPCAD Price Action Targets 1.6800 (If Buyers Can Do This First...)

GBPCAD price action continues to look constructive for bulls. But can they keep this up? Let’s find out right now!

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GBPCAD Price Action Targets 1.6800

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The GBPCAD carved an inverse head and shoulders last week.

I first wrote about it on the blog here:


I also pointed out how the pair was nearing breakout territory last week.

You can review that post here:


So, what does the GBPCAD price action say now?

Buyers have so far supported the pair from the 1.6430 level that I pointed out in Sunday’s video.

However, there are no guarantees.

As constructive as things look at the moment, the fact is that the GBPCAD pair needs to take out that 1.6600 resistance level.

Remember that 1.6600 represents the lows between August and October of last year.

Needless to say, that’s a BIG level!

I also think we could see some consolidation between 1.6430 and 1.6600 before the next leg higher materializes.

Note where the 10 and 20 EMAs are in the video.

Those two moving averages represent the mean or average price in the market.

At the moment, the price action is 200 pips above that mean, which suggests that we could see another pullback into 1.6430 or at least some consolidation.

If GBPCAD can take out 1.6600, we will likely see a 1.6800 print which is the inverse head and shoulders objective.

Alternatively, a close below 1.6430 would expose recent highs just above 1.6300.

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