Bulls Even Closer to 1.7567 on GBP/CAD

The Great Britain pound versus the Canadian dollar currency pair seems to be on its way to 1.7567. Are any bears to be expected once it gets there?

Long-term perspective
From the 1.6769 low, the price appreciated until the 1.7674 high, above the firm resistance area of 1.7567.
As the retracement was unable to yield a validation as support of the just pierced level, the bears took action, sinking the price to 1.7216.
From there, the bulls attempted a comeback, but all they could do was to confirm 1.7216 as resistance, an event that attracted even more bearish participants, thus sending the price to the 1.6810 low.
The low of 1.1610 was the starting point of an ascending trend that stretched until quite close to the same 1.7216 level, at the 1.7496 high, to be more specific.
Yet again, the bears pulled the trigger, causing the fall that caved until the 1.6768 low.
Remarkably, the bulls still found the necessary strength to oppose the bears, which resulted in the rally to 1.7483.
Since the following bearish attempts failed, for the price went back above the 1.7285 intermediary level, the bulls were finally able to get even closer to their target, etching — as of writing — the 1.7542 high.
So, if 1.7445 is validated as support, then 1.7567 is the main bullish objective. Noteworthy is that the appreciation can simply continue, aided by the momentum.
The bears would be back to square one only if they fall beneath 1.7445, which opens the door to 1.7285.

Short-term perspective
The rise from 1.7048 unveiled a flat limited by the 1.7244 support and the 1.7487 resistance. To be noted that the support gave way two times, as the 1.7185 and 1.7191 lows, respectively, highlight, whereas the resistance acted somewhat remotely, causing the series of lower highs at 1.7445, 1.7434, and 1.7418.
Still, after the 1.7199 low, which — just as the previous occurrence at 1.7185 — is part of a false piercing of the 1.7244 support area, the bulls mustered enough confidence to start an ascending movement that finally made the 1.7487 intermediary level give in.
So, if 1.7487 assumes the role of support, 1.7626 is the next area of interest. On the flip side, if this ends up as a false piercing of 1.7487, then 1.7337 is to be paid a visit.

Levels to keep an eye on:

D1: 1.7445 1.7567 1.7285
H4: 1.7487 1.7626 1.7337

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Original from: www.earnforex.com